WorldOil Gas to become world's primary energy source by 2035, says DNV GL Oil and gas will be crucial components of the world’s energy future, according to DNV GL’s forecast of the energy transition. World energy demand to plateau from 2030, says DNV GL’s Energy Transition Outlook The world is approaching a watershed moment as energy demand is set to plateau from 2030, driven by greater efficiency with wider application of electricity. A rapid decarbonization of the energy supply is underway with renewables set to make up almost half of the energy mix by 2050, although natural gas will become the biggest single source of energy. ESAI Energy outlook sees global product demand growth decelerating by 2022 In its recent five-year outlook on petroleum products, ESAI Energy projects global product demand growth to decelerate significantly by 2022. In its outlook, ESAI Energy highlights the effects of a changing global vehicle fleet on gasoline and diesel demand. Oil trades at three-week low amid rising shale output Oil traded at a three-week low after a forecast on U.S. shale growth added to mounting worries that the rebalancing process is stalling. Renowned oil trader sees worsening oil market outlook The outlook for the oil market next year has "deteriorated in recent weeks," renowned oil trader Andy Hall told investors in a letter dated Aug 1. that announced the closure of his flagship hedge fund Astenbeck. IEA cuts estimates for crude needed from OPEC in 2017, 2018 The International Energy Agency cut estimates for the amount of crude needed from OPEC this year and in 2018 after lowering its historical assessments of consumption in some emerging nations. Canada continues its fight for recovery during arduous times Amid increasing political uncertainty and a stagnant unemployment rate, Canadian operators are still fighting to regain EandP stability and drive pipeline projects forward. EIA raises both 2017, 2018 U.S. crude production forecasts U.S. producers are seen pumping away, even with the price of West Texas Intermediate crude lingering below $50/bbl, according to the latest government estimates. Energy Issues Producers have recently reacted to stagnant oil prices with announcements of cuts in capital spending. PSAC increases its 2017 drilling forecast following strong second quarter The Petroleum Services Association of Canada (PSAC), in its third update to its 2017 Canadian Drilling Activity Forecast, announced that it was increasing its forecasted number of 6,680 wells to be drilled (rig released) across Canada for 2017 to 7,200 wells drilled.