| SINGAPORE, March 7
SINGAPORE, March 7 U.S. oil prices eased in
Asian trade on Tuesday after the International Energy Agency
(IEA) forecast U.S. shale output to grow at about 1.4 million
barrels per day by 2022.
U.S. West Texas Intermediate crude slipped 4 cents to
$53.16 a barrel as of 0042 GMT after settling down 13 cents in
the previous session.
Brent crude had yet to start trading but closed the
previous session up 11 cents at $56.01 a barrel.
U.S. shale production would climb even if prices remain
around $60 a barrel, the IEA said in its five-year "Oil 2017"
market analysis released on Monday.
A rise to $80 a barrel could see shale oil production grow
by 3 million barrels per day by 2022, the IEA said.
Oil demand will also rise over the coming five years,
crossing the 100 million bpd level in 2019 and hitting 104
million bpd by 2022, driven entirely by emerging economies, the
Concerns over rising U.S. shale oil output have been
offsetting the impact of production cuts agreed by the
Organisation of the Petroleum Exporting Countries (OPEC) and
some non-OPEC members to curb a global crude oversupply.
Russia and Iraq said on Monday it was too early to discuss
if the pact by OPEC and non-OPEC members should be extended
"It will depend on oil prices and market stability. If OPEC
decides cuts, then Iraq will cut," Iraq oil minister, Jabbar
Al-Luaibi, told Reuters at the CERAWeek energy conference in
Average oil prices are expected to be lower in the next 10
months of this year than in January and February due to a
recovery in U.S. drilling activity, Fitch Ratings said in a
report on Monday.
The number of rigs in operation rose to the highest level
since October 2015 last week, the seventh straight week rig
numbers have risen, according to figures from Baker Hughes.
(Reporting by Keith Wallis; Editing by Richard Pullin)