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High Demand Means World Needs All of Canada's Oil -IEA

Nov 27, 2012
(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 growing U.S. production could hit Canadian exports.

Fatih Birol said that even if U.S. output rises as much as the agency expects, the country would still need to import four million barrels a day and that Canada is an obvious supplier.

In its annual forecast this month, the IEA said the United States could come close to energy self-sufficiency by 2035, largely because of the boom in development of unconventional light oil resources.

Canada is the single largest supplier of energy to the United States, sending around 2 million barrels a day to its southern neighbor.