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IEA Boosts 2014 Global Oil Demand Estimate Amid U.S. Recovery

Global oil demand in 2014 will be higher than previously forecast, after consumption in the U.S. rebounded to its strongest level in five years, the International Energy Agency said. The IEA forecast today in its monthly oil market report that demand will increase by 1.2 million barrels a day, or 1.3 percent, to 92.4 million a day next year, raising its projection from last month by 240,000 a day. U.S. fuel use rose above 20 million barrels a day in November for the first time since 2008, according to preliminary data. While the agency boosted estimates for the amount of crude OPEC will need to supply, “making room” for the potential return of Iranian exports “could be a challenge for other producers” in the group, it said. “The geopoliticals are now bearish, while the fundamentals are bullish,” Michael Lynch , president of Strategic Energy & Economic Research in Winchester, […]

Posted On : Published By : Tom Whipple
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IEA and Emerging Countries to Collaborate More Closely

The International Energy Agency and six emerging economies including China and India agreed to pursue stronger cooperation, the IEA said on Wednesday in a bid to strengthen ties with non-members whose share in global oil demand has grown rapidly. The initiative to form an “association” between the West’s energy watchdog, combining 28 developed economies, and non-members is aimed at boosting ties on energy security, data sharing and energy market analysis, the Paris-based group said. China, the world’s top energy consumer, India, Russia, South Africa, Brazil and Indonesia have signed the joint declaration, a non-legally binding agreement. As oil demand growth has shifted from developed to emerging countries over the past decade, the IEA has looked to non-members to preserve its importance as an international agency. “Energy governance is an increasingly important element of the global energy economy,” Maria van der Hoeven, the […]

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IEA World Outlook: Six Key Trends Shaping the Energy Future

khosla-biofuels-vin.jpg Thomas K. Grose Thanks to “fracking,” the United States is reaching the top spot among world oil producers sooner than expected, and is “well on its way to realizing the American dream” of energy independence, the International Energy Agency (IEA) said Tuesday. “But this does not mean that the world is on the cusp of a new era of oil abundance,” the IEA warned in its closely watched annual World Energy Outlook. Instead, the agency predicted that no other country will replicate the United States’ success with hydraulic fracturing and other unconventional technologies that have led to the North American boom in oil and natural gas production. (See related ” Interactive: Breaking Fuel From Rock ,” ” The Great Shale Gas Rush ,” and ” The New Oil Landscape .”) And by the mid-2020s, the Middle East—the world’s only source of low-cost oil—will again be unchallenged as the […]

Posted On : Published By : Tom Whipple