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Growth in US oil output until 2025 will be the strongest seen by any country in the history of crude markets, making it the “undisputed” leader among global producers, the International Energy Agency said on Tuesday.
Technological advances that have enabled production from US shale oilfields to thrive will lead to growth of 8m barrels a day between 2010 and 2025, surpassing expansion rates enjoyed by any other nation.
“The US will become the undisputed global oil and gas leader for decades to come,” said Fatih Birol, IEA executive director. The country is expected to account for 80 per cent of the increase in global supply over the same period.
On Wall Street overnight, energy stocks headed lower, as global benchmark Brent crude dipped below $63 a barrel to its lowest point in more than a week. The euro also leapt 1.1 per cent against the dollar to $1.1794 on news that Germany’s economy had expanded 0.8 per cent in the third quarter.
In Asia Pacific equities, futures tip Sydney’s S&P/ASX 200 index to dip 0.4 per cent, while Tokyo’s Topix is set to drop 0.5 per cent, and Hong Kong’s Hang Seng is expected to shed 0.2 per cent at the open.
Corporate earnings reports out today include Tencent, Alibaba Health, Man Wah Holdings, AusNet and CSPC Pharmaceutical.
The economic calendar for Wednesday was designed by a team of top imagineers (all times Hong Kong):
- 07.50: Japan Q3 gross domestic product (preliminary)
- 08.30: Australia Q3 wage price index
- 12.00: Indonesia imports, exports and trade balance
- 12.30: Japan industrial production (final)
- Philippines overseas remittances data is also slated for release today.