Oil continue to rise towards $83 a barrel by mid

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"I think this group of committed and responsible producers came together. and I think they will continue to do what it takes to take us to the next level", he said at an worldwide oil conference.

"None of its core scenarios for the future of energy provide a reasonable chance that the world will avoid climate catastrophe", said Adam Scott, senior advisor at Oil Change International.

Elsewhere, Canadian shale gas development will be a casualty of rapidly rising US production - not only delaying plans for offshore exports but even curtailing supply to its traditional market south of the border.

Moreover, the revision for 2018, while "not very large" on average for the full year, came mostly on the back of lower-than-expected demand in the fourth quarter, which would come 311,000 bbl/day lower. "Although Canada has potentially prolific shale gas plays ... their estimated development cost is higher on average than in the Permian or the Appalachian Basin and they are further away from the demand hub", the IEA said. "We project a continuation of these trends: imports from Canada keep falling..."

Environmental activists decried the IEA forecasts as discounting any efforts by countries to limit emissions as part of the Paris Agreement on climate change.

The sliver of hope for Canadian oil producers is that the sector is not going to be displaced by renewable energies and the rise of electric vehicles any time soon.

According to the IEA's latest World Energy Outlook 2017, it's far too early "to write the obituary of oil".

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Clean sweep in Saudi! 11 Princes held
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Between 2017 and 2040 the IEA estimates that more solar power capacity will be added globally each year than any other source of energy, with an annual average increase of almost 70 gigawatts.

The largest contribution to demand growth - nearly 30 per cent -would come from India, whose share of global energy would rise to 11 per cent by 2040, it says.

"Canada is well placed to export oil to China, although this is dependent on the construction of additional export capacity to bring inland production to the Pacific coast", the IEA said.

In fact, the monthly report published by IEA on Tuesday would back that theory up as it lowered its crude demand forecast for the whole of 2017 and 2018, by 50,000 bbl/day and 190,000 bbl/day respectively.

"The oil market should be able to find a longer-term equilibrium, with the oil price in a range of $50-70 a barrel", the agency said.

After hitting a 10-year low of less than $30 in January, down from a peak of more than $100 in mid-2014, oil prices have recently been hovering around the $55 mark.

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