EIA expects Brent crude oil prices will average close to $48/ barrel (b) in the fourth quarter of 2016 and in the first quarter of 2017. Forecast Brent prices average $43/b in 2016 and $51/b in 2017. West Texas Intermediate (WTI) crude oil prices are forecast to average about $1/b less than Brent prices in 2017. The values of futures and options contracts indicate significant uncertainty in the price outlook, with NYMEX contract values for February 2017 delivery traded during the five-day period ending November 3 suggesting that a range from $35/b to $66/b encompasses the market expectation of WTI prices in February 2017 at the 95% confidence level.

OPEC raised its outlook for oil use in 2018, 2019 and 2020, when it sees demand reaching 98.3 million barrels a day, or 900,000 more than the group projected in its previous annual outlook.

The producer cartel revised higher for this year and next oil supply forecasts from non-member countries, implying that demand for its crude will remain far lower than current near record output of more than 33m barrels a day.

Oil consumption growth in the current fiscal year will likely exceed 10.9% of the previous year, if the current consumption trend continues, an oil ministry arm has said. A 7.8% jump in the consumption of petroleum products in the country in April-June, compared to 5.2% in the year-ago period.

The light, sweet crude oil price for August delivery fell moderately on the New York market July 11 to settle under $45/bbl. The Brent crude oil price for September delivery fell about 50¢ on the London market to settle at $46.25/bbl.

Gas demand growth in the Asian nation, which is transforming into a consumer-driven economy, decelerated to about 4 per cent last year — the slowest pace since 1998 — compared with an average growth rate of 15 per cent between 2009 and 2014.

Rising incomes in China, India, and other emerging Asia economies are a key driver of the global energy outlook. Developing Asia accounts for more than half of the projected increase in global energy use through 2040. This increase will have a profound effect on the development of world energy markets. Clean energy technologies play an important role in the outlook, with renewables expected to be the fastest-growing energy source.

Amid improving market sentiment and a weakening dollar, the World Bank is raising its 2016 forecast for crude oil prices to $41 per barrel from $37 per barrel.

Canada's National Energy Board (NEB) projects that both Canada's natural gas production and its domestic natural gas consumption will increase through the next decade. Exports of natural gas by pipeline to the United States are expected to continue to decline. The planned construction of liquefied natural gas (LNG) export terminals on Canada's western coast, which would send LNG exports to Asian markets by 2019, plays a key role in maintaining Canada's overall natural gas exports.

A global crude oil deficit will develop before the end of this year, the chairman of Facts Global Energy consultancy Fereidun Fesharaki said Monday.