November 26, 2012 / 9:13 PM / in 5 years

Strong demand means world needs every drop of Canadian oil - IEA

OTTAWA, Nov 26 (Reuters) - Global demand for crude is growing so strongly that the world needs “every single drop of Canadian oil,” the International Energy Agency’s chief economist said on Monday, playing down fears that Canadian exports could be hit by growing U.S. production.

Fatih Birol told reporters that even if U.S. output rose as much as the agency is forecasting, the country would still need to import four million barrels per day and Canada was an obvious supplier.

In its annual forecast this month, the IEA said the United States could come close to energy self-sufficiency by 2035. Canada is the single largest supplier of energy to the United States, sending around 2 million barrels a day to its neighbor.

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