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The IEA Oil Market Report

mb/d World Oil Demand *Please note that these Highlights are from the latest Oil Market Report, which is released in full to subscribers only – according to this schedule each month . Non subscribers get free access to the latest Highlights on this schedule, however the full Oil Market Report is released to the public two weeks after the report is released to subscribers. If you would like to receive the full report with accompanying charts and graphs on the day of publication please subscribe or contact the subscription manager . Product market strength and rising tension throughout the Middle East supported global crude oil prices in May and through early June. At the time of writing, ICE Brent was trading at around $65.95/bbl, while US WTI was at $61.50/bbl. Global oil supplies fell by 155 kb/d in May to 96 mb/d on lower non-OPEC output, but remained at […]

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World Oil Demand

mb/dWorld Oil Demand1Q20122Q20123Q20124Q20121Q20132Q20133Q20134Q20131Q20142Q20143Q20144Q20141Q20152Q20153Q20154Q2015868890929496© 2015 OECD/IEA World Oil Demand *Please note that these Highlights are from the latest Oil Market Report, which is released in full to subscribers only – according to this schedule each month . Non subscribers get free access to the latest Highlights on this schedule, however the full Oil Market Report is released to the public two weeks after the report is released to subscribers. If you would like to receive the full report with accompanying charts and graphs on the day of publication please subscribe or contact the subscription manager . Crude oil prices stabilised following early-February gains , with ICE Brent rising more than NYMEX WTI which was weighed down by swelling US stockpiles. At the time of writing, Brent was trading at around $58/bbl – up nearly 30% from a six-year low in January. WTI was at around $48/bbl. Having bottomed-out in 2Q14, […]

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IEA: Strong U.S. Production Could Set Stage for Oil Price Fall

ENLARGE Manifolds that regulate the input and output of oil to the White Cliffs pipeline at the SemCrude tank farm north of Cushing, Okla, pictured in 2012. The U.S. has been producing and importing more oil than it is consuming and that extra crude is flowing into storage tanks, especially at the country’s main trading hub in Cushing. Photo: Associated Press The oil market’s recent rebound may not last, an influential energy watchdog warned on Friday, as the U.S.’s ability to keep pumping more crude has defied expectations and could set the stage for prices to fall again. In its closely watched monthly report, the International Energy Agency said U.S. oil production was up 115,000 barrels a day in February, some of it going into bulging storage inventories whose capacity may soon be tested. “That would inevitably lead to renewed price weakness,” the report said. Financial markets have been […]

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IEA sees renewed pressure on oil prices as glut worsens

LONDON (Reuters) – Oil prices might have stabilized only temporarily because the global oil glut is worsening and U.S. production shows no sign of slowing, the International Energy Agency said on Friday. The West’s energy watchdog said the United States may soon run out of spare capacity to store crude, which would put additional downward pressure on prices. That process would last at least until the second half of 2015, when growth in U.S. oil production is expected to start abating. Combined with an increase in global demand, the expected U.S. production slowdown would give some support to oil prices and respite to oil producers’ group OPEC, the IEA said. "On the face of it, the oil price appears to be stabilizing. What a precarious balance it is, however," the Paris-based IEA said in its monthly report. "Behind the façade of stability, the rebalancing triggered by the price collapse […]

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IEA Sees Oil Market Rebalancing in Months as Demand Rises

(Bloomberg) — The oil market will rebalance in the next several months as a price collapse boosts consumption and curbs supplies, the International Energy Agency said, a day after Saudi Arabia’s oil minister told reporters demand is rising. An oil price as low as $45 a barrel is unsustainable, Fatih Birol, the chief economist for the Paris-based adviser to 29 nations, said at a conference in London Thursday. Investment cuts in the U.S., Russia and Brazil will curtail output growth, bringing supply and demand back in line, he said. “As a result of lower prices, there will be downward pressure on production,” Birol said, adding that the market will rebalance in the coming months or quarters. “As a result of lower prices, there will upward pressure on demand.” Oil slumped by almost half in 2014 as the Organization of Petroleum Exporting Countries maintained output amid the fastest U.S. production […]

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The crash in the price of oil may change the oil market – a look at the IEA’s “Oil Medium-Term Market Report 2015”

On Tuesday 10 February at 13:00 GMT the IEA released its “Oil Medium-Term Market Report 2015 ”. The day before the release I was contacted by Jens Ergon at Sveriges Television (“Sweden’s Television, SVT) who wanted to get my opinion on the report. I had a number of hours to read through the 140 pages of the version provided to media prior to the report’s official release. This meant that I could comment on the report immediately it was released. SVT has now reported some of those comments in an article that Jens Ergon has written, “The Price Crash Will Reshape The Oil Market”. The subtitle is, “American oil boom behind the falling price. But opinions vary widely on the future of oil.” Let’s now go through the article together and I will make a few comments as we do so. “The comprehensive fall in the price of oil […]

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OPEC, IEA Reports Hint at a Win for Cartel — 2nd Update

By Sarah Kent And Benoît Faucon In the latest sign that the seven-month selloff in crude-oil prices may be nearing a bottom, an energy watchdog said that a recovery seems "inevitable" and the glut that has driven down prices by more than 50% since June could start to ease as soon as the second half. A wave of spending cuts by oil producers and a sharp decline in the number of rigs drilling for crude in the U.S. likely will slow the nation’s oil-output growth, spurring a rebound in prices, the International Energy Agency said in a report released Tuesday U.K. time. The benchmark U.S. oil price rose 2.3% to $52.86 a barrel on Monday and is up 19% from a nearly six-year low hit last month. The IEA, which coordinates energy policy among industrialized countries, is adding its voice to the chorus of experts who say that the […]

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IEA says scope of US shale oil output fall will be limited

Pump jacks are seen in the Midway Sunset oilfield, California, April 29, 2013. The nearby vast Monterey shale formation is estimated by the U.S. Energy Information Administration to hold 15 billion barrels of technically recoverable oil, or four times that of the Bakken formation centered on North Dakota. Most of that oil is not economically retrievable except by hydraulic fracturing, or fracking, a production-boosting technique in which large amounts of water, sand and chemicals are injected into shale formations to force hydrocarbon fuels to the surface. Picture taken April 29, 2013. REUTERS/Lucy Nicholson (UNITED STATES – Tags: ENERGY BUSINESS) – RTXZ5IM The dramatic fall in the oil price will lead to a swift pullback in US shale oil production, although the scale of the output decline will be “limited in scope”, the world’s leading energy forecaster said on Tuesday. The supply build-up hanging over the oil market will grind […]

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