Category: IEA

By Sarah Kent LONDON–The International Energy Agency on Tuesday cut its 2014 oil demand growth forecast to its weakest in five years, sending another bearish signal to the market as oil prices continue to tumble. In its closely watched monthly oil market report, the Paris-based energy watchdog cut its forecast for the amount it expects oil demand to increase this year by 200,000 barrels a day to just 700,000 barrels a day. Oil prices have tanked since June amid concerns over sluggish demand in a weak global economy coupled with healthy supply growth. However, the IEA said the weakness in demand growth may have reached its bottom. The organization sees demand picking up more next year, to increase by 1.1 million barrels a day. In fact, the glut in oil supply could prove more significant in sustaining market weakness. Oil production surged last month, due in part to a […]

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PARIS, Sept. 11 (UPI) — The International Energy Agency said Thursday it cut its forecast for oil demand growth because of an economic slowdown in Europe and China. IEA published its monthly oil market report for September, saying it trimmed oil demand growth for 2014 to 900,000 barrels of oil per day and 2015 to 1.2 million bpd. IEA said in the report the assessment was made "because of a pronounced slowdown in demand growth in the second quarter of this year and a weaker outlook for Europe and China." The World Bank in June said the Chinese economy was slowing down in part because of a "structural transformation." Data from the European Union show economies are barely growing , if at all. The Organization of Petroleum Exporting Countries said in its oil market report it cut its demand expectations by the most in three years because North American […]

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HOUSTON, Sept. 11 09/11/2014 Amid plentiful oil supply and weakening global economic and oil demand growth, oil prices have been easing, with front-month Brent futures slipping below $100/bbl in September for the first time in more than a year, according to the most recent Oil Market Report from the International Energy Agency . “Rising Libyan exports, an overhang of West African barrels—resulting from slower US imports—and sluggish demand from refiners in Europe and Asia took their toll on spot crude prices, deflating global benchmarks,” IEA said. West Texas Intermediate showed the biggest month‐on‐month loss due in part to unplanned refinery outages that forced a temporary slowdown in run rates while US output surged. ICE Brent futures were last trading at $98/bbl. NYMEX WTI was around $91.40/bbl.   Demand Global oil demand in the second quarter showed clear signs of weakening, as growth eased back to a near two-and-a-half year […]

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The International Energy Agency cut its forecast for the rise in oil demand this year calling the recent slowdown "nothing short of remarkable." Agence France-Presse/Getty Images The International Energy Agency Thursday trimmed its forecast for the rise in oil demand this year for the third month in a row , calling the recent slowdown in demand "nothing short of remarkable." In its closely watched monthly oil market report, the Paris-based energy watchdog said it expects global oil demand to grow by 0.9 million barrels a day in 2014, a decrease of 65,000 barrels a day compared with last month’s forecast and down by 300,000 barrels a day since July. According to the IEA, oil demand growth in the second quarter was at its lowest in 2½ years, dented by economic weakness in Europe and China , a trend the agency expects will continue to weigh on demand. "While demand […]

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The director of the International Energy Agency said Tuesday from Berlin energy efficiency is a hidden fuel that could support economic growth. The IEA published a study saying energy efficiency may have benefits that go beyond just cutting back on demand . "This report lays out the case for governments to invest more time in measuring the impacts of energy efficiency policies, to improve understanding of their role in boosting economic and social development and to facilitate policy design that maximizes the benefits prioritized by each country," IEA Executive Director Maria van der Hoeven said in a statement. The IEA said it’s trying to reframe the narrative of energy efficiency to show it’s a hidden fuel that can be used as a source of energy security and a builder of national wealth. The paper suggests nearly 60 percent of the economic potential from energy efficiency is unrealized through 2035 […]

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By Summer Said World oil demand will rise less than previously thought in 2014, due to a lower outlook for the global economy and demand growth in the second quarter falling to its lowest level in more than two years, the energy watchdog said Tuesday. In its monthly oil-market report, the International Energy Agency–which advises industrialized nations on oil policies–trimmed its projection for growth in global demand this year to 1 million barrels a day, down 180,000 barrels a day, citing weaker-than-expected demand in the second quarter. "Despite armed conflict in Libya, Iraq and Ukraine, the oil market today looks better supplied than expected, with an oil glut even reported in the Atlantic basin," the report said. "Remarkably low oil deliveries in both Europe and North America helped slash this report’s estimate of global demand growth for the second quarter of 2014 to less than 700,000 barrels a day […]

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HOUSTON, Aug. 12 08/12/2014 The global oil demand growth forecast for 2014 has been curtailed since last month’s report to a more modest 1 million b/d, according to the International Energy Agency’s most recent Oil Market Report . The revision was primarily due to lower-than-expected second-quarter deliveries and downgraded macroeconomic outlook from the International Monetary Fund (IMF). Demand growth is forecast to accelerate in 2015 to 1.3 million b/d as the economy improves. Global oil supply in July averaged 93 million b/d, up 230,000 b/d from a month ago and 840,000 b/d from a year ago. With a boost from Saudi Arabia and a tentative recovery in Libyan output more than offsetting losses in Iraq, Iran, and Nigeria, production from members of the Organization of the Petroleum Exporting Countries rose by 300,000 b/d to 30.44 million b/d in July, a 5-month high. The “call” on OPEC crude and stock […]

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The International Energy Agency said Tuesday it lowered its growth forecast for global oil demand to 1 million barrels per day in part due to weaker economic outlook from the International Monetary Fund. For the United States, one of the world’s leading economies, the IMF said in a July report parts of the economy were still struggling to gain traction, though overall growth for 2015 should "accelerate to the fastest annual pace since 2005" barring any unforeseen shocks. Globally, IEA said in its oil market report for August that "as the economy improves in 2015, [oil] demand is set to accelerate by 1.3 million bpd." In July, the Paris-based group said oil supplies increased by 840,000 bpd on the back of a 1.2 million bpd increase from producers outside the Organization of Petroleum Exporting Countries. That helped offset declines among most OPEC members, though IEA said it was an […]

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