IEA: Russia's oil output to reach its peak in 2020

A 25% increase in the cost of imported line pipe fittings and valves would raise the cost of a 280-mile oil pipeline—typical of those needed to carry shale oil from the Permian Basin to the Gulf coast—by $76 million

The world's largest oil producers appealed to US shale producers to join their efforts to hold global prices at their current level at a major energy conference Monday, as the boom in shale is continuing to undermine OPEC's production curbs.

Soaring oil production from the USA is set to buoy global oil demand through 2020, but the International Energy Agency (IEA) has warned that more investment will be needed to boost supplies after that.

The Organization of the Petroleum Exporting Countries plans a "company-based workshop" with companies that operate in both areas, Kachikwu said on the sidelines of the CERAWeek energy conference in Houston.

The US West Texas Intermediate crude April contract climbed 51 cents, or about 0.83 percent, at $61.76 per barrel.

In 2017, the ICA made a forecast that shale production in the USA would grow at the rate of 1.4 million barrels per day by 2022, with prices of oil being as high as $60 per barrel and up by over 3 million daily with prices of as much as $80 per barre.

Four IS members 'preparing to attack' United States embassy arrested in Turkey
Turkey police force has detained 12 suspected Islamic State extremists amid ongoing crackdown and closure of USA embassy. The Anadolu Agency said police detained four Iraqi nationals in connection with the threat against the embassy.

Suhail Mohamed Al Mazrouei, the United Arab Emirates oil minister and OPEC's current president, said on Sunday that the cartel had not discussed rolling over production cuts next year. US crude production is projected to hit a record of 12.1 million barrels a day in 2023, which would reflect an increase of roughly 2 million barrels compared with this year. Supplies from other non-OPEC nations will make up the rest. The IEA said that after three years of declining or flat investment, there will be little growth in global capital expenditures this year.

Energy shares were steady in pre-market trading Monday. Not to mention that higher costs for steel imported to the USA could raise prices for that gear as well.

USA oil output has continued its sharp growth over the past year. The IEA said US oil will account for 60% of the 6.4 million new barrels produced daily between now and 2023. The group will add 750,000 barrels a day by 2023 - just 2.1 percent - as gains in Iran and Iraq are offset by economically troubled Venezuela, where capacity will slump to the lowest since the 1940s.

The export market will also still be constrained even with Enbridge's expected 450,000 barrels a day of expansion, but the IEA raised doubts that the capacity additions from Kinder Morgan's Trans Mountain and TransCanada's Keystone XL pipeline projects will actually get built.

Oil prices rose Monday, supported by reports of supply disruptions in Libya over the weekend.

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