World oil demand will grow by around 12 percent by 2040 up to 104.9 million barrels per day, which is 1.4 million barrels above last year's forecast, the International Energy Agency (IEA) said in its latest annual World Energy Outlook report.
At the time of writing, Brent crude oil prices were trading 0.54 per cent lower at $62.82 per barrel while United States benchmark West Texas Intermediate (WTI) prices were down 0.48 per cent at $56.49 per barrel.
Prices also remained under pressure from this week's International Energy Agency (IEA) outlook for slower growth in global crude demand.
The price falls mean that crude prices are now down by about 5% since hitting 2015 highs last week, ending a 40% rally between June and early November.
Ahead of data from the American Petroleum Institute (API), an industry trade group, analysts in a Reuters poll forecast US crude stocks declined by 2.2 million barrels last week.
The IEA report countered the Organization of the Petroleum Exporting Countries, which just a day earlier said 2018 would see a strong rise in oil demand.
"Using a scenario whereby current levels of Opec [Organisation of the Petroleum Exporting Countries] production are maintained, the oil market faces a hard challenge in 1Q18 with supply expected to exceed demand by 0.6m bpd followed by another, smaller, surplus of 0.2m bpd in 2Q18".
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USA crude oil and product stockpiles were mostly higher last week against a back drop of rising domestic production and net imports.
"The recent price support, namely the tension in the Middle East, has been swept aside as rising rig counts and US shale output (are) in the focus of traders", PVM Oil Associates analyst Tamas Varga said.
IEA executive director Fatih Birol said "the USA becomes the undisputed leader for oil and gas production for decades, which represents a major upheaval for worldwide market dynamics".
US crude oil production C-OUT-T-EIA has jumped more than 14 percent since mid-2016 to 9.65 million bpd and is expected to grow further. The latest government data is due on Wednesday.
Crude exports rose by 260,000 barrels a day, while inventories at the key Cushing, Oklahoma, pipeline hub fell by 1.5 million barrels, the largest draw since July.
Opec has yet to show it has convinced Russian Federation, one of its partners in the deal, that a decision to prolong output cuts is needed when the group meets in Vienna later this month.
From a shift in the geopolitical center of the global energy market to the predicted trajectory of individual technologies, here's your need-to-know guide to this bumper report.