Analysts also said prices were propped up by "bullish comments" from ministers from the Organization of the Petroleum Exporting Countries and other global industry players at the CERAWeek conference in Houston, the largest energy conference, on Monday.
The energy group forecasts that the USA will supply enough oil to meet 80 percent of the growing demand over the next three years, and Canada, Brazil and Norway will meet the rest.
Oil demand will keep expanding over the next five years, and the United States will fulfill most of the world's growing appetite, the International Energy Agency said on Monday.
The deal struck between the members of OPEC and 11 partners, including Russian Federation, to cut 1.8 million barrels per day of crude oil production has had its intended effect of drawing down global stockpiles and lifting prices.
Oil prices rose Monday, supported by reports of supply disruptions in Libya over the weekend.
OPEC and other major producers agreed to cut combined output by about 1.8 million bpd to drain a global oil glut. The contract was well below this year's highs of over $71 per barrel that it hit in January.
"As Canadian shipments to the US grow, this frees up lighter USA crude for export, particularly to meet Asian demand for petrochemical feedstock", the IEA said.
The IEA, which advises industrialized nations on energy policies, also said it expected oil demand growth to average a fairly robust 1.1 percent a year to 2023 and said OPEC would fail to significantly increase its production capacity.
As a result, Canada will actually be the third largest source of non-OPEC oil supply growth in the next five years after the USA and Brazil. That would take USA liquids output to a total of 17 million barrels a day.
Ecuador's Perez also downplayed the impact of US shale production on global crude markets, noting that shale fields tend to have lower total oil recovery than conventional fields.
She cautioned however that part of the reason Canada's oil supply growth wasn't expected to be larger is due to delays for export pipelines like TransCanada Corp.'s Keystone XL and Kinder Morgan Canada's Trans Mountain expansion project.
However, American production from known shale-oil reserves is soaring.
The Paris-based agency saw little to no increase in spending on exploration outside the USA in 2017 and 2018, and warned that additional investment will be needed to spur supply growth after 2020. It expects US crude product to exceed 11 million barrels a day by 2023, a figure that does not include NGLs and condensates. "If sufficient capacity is not built, the increase in production we foresee could be at risk, with serious implications for global markets".
The S&P 500 fell for a third straight day after President Donald Trump said the USA would slap tariffs on steel and aluminum. Revenue rose to US$4.03bn from US$3.96bn the year before and was roughly in line with expectations.
We're kind of used to it at this point. "Seeing teams like the Eagles win the Super Bowl - like they say 'Hungry dogs run fast'". They will head back to Columbus, not playing a game until March 15th at the earliest, the first day of the NCAA Tournament .
As the snobbish Winchester, Stiers was a ideal foil for Alan Alda's lovable, wise-cracking character Hawkeye Pierce. Emmy Award-winning actor David Ogden Stiers has died at his OR home, following a battle with bladder cancer.
The Sheriff's Office said their investigation is transitioning from a missing person's report to a homicide investigation. The body of a mother who mysteriously disappeared from her front yard leaving her two children home alone has been found.
Legislation to increase school safety and restrict gun purchases is going to Florida's Senate for a vote this week. Rick Scott has proclaimed February 14 as Marjory Stoneman Douglas High School Remembrance Day in Florida .
Andy King, who scored his first Swansea goal in the win over the Hammers , said: "They were brilliant, they don't stop running". Everton's misery was compounded when defender Ashley Williams was sent- off late on for elbowing Barnes. "We have more to do".
The Vikings had a great team around him, sure, but it would be ridiculous to pretend that they just carried Keenum the whole way. "We have to go back a lot with Teddy on what he's done in the past, him as a person, his work ethic, all those things".
Holi 2018: how to celebrate the festival of colour
The first day is called Holika Dahan or Chhoti Holi and the second as Holi , Rangwali Holi , Dhuleti , Dhulandi , or Phagwah . Google symbolically joined millions of people in celebration of Holi festival with today's (Mar. 2) Google Doodle .
Avalanche reported at Squaw Valley
Rocklin resident Wenyu Zhang, 42, was found by Squaw Valley Ski Patrol, according to the Placer County Sheriff's Office . Officials say the man was off the groomed run when he fell head-first into deep powder and suffocated.