The IEA said recent pillars of oil demand growth-China and India-are ‘wobbling.’ Above, an attendant… The International Energy Agency on Tuesday sharply cut its forecast for global oil demand for Continue Reading
Global oil demand growth is slowing at a faster pace than initially predicted. For 2016, a gain of 1.3 mb/d is expected – a downgrade of 0.1 mb/d on our Continue Reading
A gas pump is seen hanging from the ceiling at a petrol station in Seoul June 27, 2011. Oil markets will begin to tighten in the second half of 2016 Continue Reading
The IEA said Thursday it expects global oil demand to grow by 1.2 million barrels… The International Energy Agency on Thursday trimmed its forecast for the rise in global oil Continue Reading
Crude oil prices eased to around $45 bbl in August as a global supply overhang weighed and demand growth weakened. Brent crude had threatened to break below $40 bbl at the end Continue Reading
A gas flame in the desert near the Khurais oil field, about 160 kilometers from… Global crude markets have undergone an “extraordinary transformation,” swinging from a major surplus to near Continue Reading
Global oil supplies rose by 0.6 mb/d in June to 96 mb/d after outages curbed OPEC and non-OPEC supplies in May. World production was 750 kb/d below last year as higher OPEC output Continue Reading
Middle East’s market share is the highest since the late 1970s Record inventories remain ‘threat to stability’ of prices Oil production from the Middle East has climbed to a record Continue Reading
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. Continue Reading
The new OPEC Monthly Oil Market Report is out with crude only production numbers for June 2016. OPEC added Gabon to its member countries this month. But I do not Continue Reading
The world risks becoming ever more reliant on Middle Eastern oil as lower prices derail efforts by governments to curb demand, the west’s leading energy body has warned. The head Continue Reading
The Syncrude Canada Ltd. refinery, Alberta. The IEA said unplanned shut-ins in Canada will help… Global oil markets are moving close to balance in the second half of this year Continue Reading
The oil market is now in balance thanks to unplanned outages and robust demand, particularly from emerging economies, but this equilibrium will tilt into surplus again early next year, the Continue Reading
According to the June IEA report, the global oil supply overall was down 0.8 mb/d for last month, due to outages in both OPEC and non-OPEC nations. Output was at Continue Reading
First-half glut is 800,000 b/d, 40% less than last estimate The global oil market will be almost balanced next year as demand continues to rise faster than production, while the Continue Reading
The IEA said unplanned shut-ins in Canada will help… Global oil markets are moving close to balance in the second half of this year on a significantly stronger than expected Continue Reading
Crude oil prices rallied to a 2016 high above $51/bbl in June, stoked by continuing outages in Nigeria and Canada as well as a steady decline in US oil production. May Continue Reading
U.S. crude stockpiles fell unexpectedly last week for the first time since March as imports slipped, U.S. government data showed on Wednesday. Gasoline and distillate inventories also dropped more than Continue Reading
The West’s energy watchdog, the International Energy Agency, faces a possible legal split from its parent body following decades of friction and fresh disagreements over cooperation with China, a document Continue Reading
* Fall in upstream oil investment could lead to future price spikes * Recent rally in oil prices supported by fall in non-OPEC production * Urges G7 countries to find Continue Reading
A worker at an oil field owned by Bashneft, Bashkortostan, Russia, in this January 28, 2015 file photo. International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil Continue Reading
International Energy Agency’s (IEA) Executive Director Fatih Birol speaks at a news conference on the sidelines of G20 Energy Ministers Meeting in Istanbul, Turkey, October 2, 2015. International Energy Agency Continue Reading
The International Energy Agency (IEA) is warning consumers not to let cheap oil lull them into a false sense of security amid forecasts of a price spike by 2021. In Continue Reading
The world’s fuel producers probably won’t curb enough oil production to realign crude supply and demand until early 2017, with the United States making up the bulk of the decline, Continue Reading
The oil industry is set to further reduce spending this year as crude prices remain low, according to the head of the International Energy Agency, signaling more pain for oil Continue Reading
The global oil surplus will be bigger than previously estimated in the first half, increasing the risk of further price losses, as OPEC members Iran and Iraq bolster production while Continue Reading
The world will store unwanted oil for most of 2016 as declines in U.S. output take time and OPEC is unlikely to cut a deal with other producers to reduce Continue Reading
Oil tankers sit anchored off the Fos-Lavera oil hub near Marseille, France, October 15, 2015. Picture taken on October 15, 2015. Unseasonably warm weather and rising supply will keep the Continue Reading
The International Energy Agency’s recasting of oil supply and demand point to volatility, inexact science of commodities. Developing countries’ growth is at its lowest rate in more than a decade. Continue Reading
The oil market “could drown in oversupply” as a rise in Iranian output offsets production cuts elsewhere, threatening a further price collapse, the world’s leading energy forecaster has said. In Continue Reading
Highlights (19 January 2016) Markets were routed in December as persistent oversupply, bloated inventories and a slew of negative economic news pressured prices so that by mid-January crude oil touched Continue Reading
Unseasonably warm weather and rising supply will keep the crude oil market oversupplied until at least late 2016, the International Energy Agency said in its monthly report on Tuesday. Warm Continue Reading
The IEA trimmed 2016 estimates for global oil demand as China’s economic expansion weakens and raised forecasts for supplies outside the Organization of Petroleum Exporting Countries. While non-OPEC supply is Continue Reading
Oil prices could fall further this year as the market faces an “enormous strain” on its ability to absorb new supplies from producers such as Iran, a top world energy Continue Reading
The oil market “could drown in oversupply” as Iran’s return offsets production cuts, paving the way for a further slide in prices, the world’s leading energy forecaster said on Tuesday. Continue Reading
Benchmark crudes approached seven-year lows in early December after OPEC opted to continue producing at will to defend market share. Unrelenting oversupply in world markets had already weakened benchmarks during Continue Reading
Global oil markets will remain oversupplied at least until the end of 2016 as demand growth slows and OPEC output booms, putting oil prices under further pressure, the International Energy Continue Reading
Mexico submits request to join the International Energy Agency, saying doing so would advance energy security interests. Photo by tcly/Shutterstock PARIS, Nov. 17 (UPI) — Mexico’s secretary of energy said from Paris his country submitted a formal request to join the Western-backed International Energy Agency. Founded in the wake of an Arab oil embargo in the 1970s, Mexican Energy Secretary Joaquin Coldwell said joining the Paris-based IEA would advance regional interests . "The IEA offers a forum to develop joint answers and global co-operation schemes to guarantee energy security, promote economic development and foster environmental sustainability worldwide," the secretary said in a statement. Mexico is the second-largest economy in Latin America and the fourth-largest producer in the region, after the United States, Canada and Brazil, respectively. The government recently auctioned off rights to 14 tracts covering an estimated 2,600 square miles with reserve estimates of around 686 million barrels […]
A drop of diesel is seen at the tip of a nozzle after a fuel station customer fills her car’s tank in Sint Pieters Leeuw December 5, 2014. The world is awash with oil having built record stockpiles in recent months and slowing demand growth combined with resilient non-OPEC supply could worsen the glut well into next year, the International Energy Agency (IEA) said on Friday. "Stockpiles of oil at a record 3 billion barrels are providing world markets with a degree of comfort," the IEA said in a monthly report, adding brimming stocks offer an unprecedented buffer against geopolitical shocks or unexpected supply disruptions. Oil prices have more than halved in the past 18 months with supply bolstered by U.S. shale oil output and OPEC’s refusal to cede market share. [O/R] The IEA said global oil supplies breached 97 million barrels per day in October, up 2.0 million […]
Oil prices are likely to stay below $80 per barrel for another five years, according to a closely watched energy report. The International Energy Agency released its 2015 World Energy Outlook (WEO), with predictions for energy markets out to 2040. Although there are no shortage of caveats, the IEA projects that oil prices will only rebound slowly and intermittently, and the supply overhang will slowly ease through the rest of the decade. In its “central” scenario, it sees oil prices rebalancing in 2020 at $80 per barrel, with increases in the years following. At issue, as always, is supply and demand dynamics. The IEA estimates that the oil industry will slash upstream investment by 20 percent in 2015, which will cut into long-term supply figures. Non-OPEC supply will peak before 2020 as a result of much lower investment, topping off at 55 million barrels per day. U.S. shale will […]
The world is awash with oil after having built record stockpiles in recent months and slowing demand growth combined with resilient non-OPEC supply could worsen the glut well into next Continue Reading
Oil stockpiles have swollen to a record of almost 3 billion barrels because of strong production in OPEC and elsewhere, potentially deepening the rout in prices, according to the International Energy Agency. This “massive cushion has inflated” on record supplies from Iraq, Russia and Saudi Arabia, even as world fuel demand grows at the fastest pace in five years, the agency said. Still, the IEA predicts that supplies outside the Organization of Petroleum Exporting Countries will decline next year by the most since 1992 as low crude prices take their toll on the U.S. shale oil industry. “Brimming crude oil stocks” offer “an unprecedented buffer against geopolitical shocks or unexpected supply disruptions,” the Paris-based agency said in its monthly market report. With supplies of winter fuels also plentiful, “oil-market bears may choose not to hibernate.” Oil prices have lost about 40 percent in the past year as the OPEC […]
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 . Crude oil benchmarks were locked in a narrow range during October as continuing oversupply in world markets and a strong US dollar limited the impact of strikes in Brazil and geopolitical tensions. At the time of writing, ICE Brent was trading at $44.43/bbl and NYMEX WTI at $41.75/bbl. Global demand growth is forecast to slow to 1.2 mb/d […]
Workers connect drill bits and drill collars in the Permian basin outside of Midland, Texas…. Global oil demand will ease next year on the weaker outlook for the world economy and oversupply in the market, the International Energy Agency said on Friday. The IEA said global demand growth is forecast to slow to 1.2 million barrels a day in 2016 after surging to 1.8 million barrels a day this year. Economic conditions are expected to remain problematic in countries such as China, and factors that have recently fuelled consumption are expected to fade, it said. Commercial stocks from countries in the Organization for Economic Cooperation and Development stood at a record near 3 billion barrels by the end of September, even as the global oil market adjusts to oil trading at $50 a barrel oil. “The net result is brimming crude oil stocks that offer an unprecedented buffer against […]
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OPEC’s share of the global oil market will expand from 2020 as prices recover to $80 and supply outside the group stagnates due to spending cuts, according to the International Energy Agency. The Organization of Petroleum Exporting Countries’ share of global supply will remain steady at 41 percent until 2020 then rise to 44 percent by 2025, two percentage points higher than the IEA forecast a year ago. Production growth from countries not part of OPEC will slow over the next five years and halt by 2020, as crude prices recover to $80 a barrel. OPEC’s decision last year to defend its market share rather than cut production to support prices has curbed growth of rival supplies like U.S. shale oil. While the resulting 40 percent slump in crude prices has “sharply” reduced the group’s revenues, it will eventually prove beneficial for members that are able to increase output, […]
0836 GMT — The oil markets should be rebalanced and prices should be in the $80 a barrel range by 2020, according to a new report issued by the International Energy Agency. The Paris-based watchdog’s World Energy Outlook 2015 states that the “process of adjustment in the oil market is rarely a smooth one” but that there should be an equilibrium by the end of the decade. The forecast will not be met with much enthusiasm by many of the world’s oil producers, because most rely on oil revenues as the main source of government income. The Dec Brent contract trades flat at $47.19 a barrel.
The oil market will remain oversupplied until the end of the decade as an unstoppable push for cleaner fuels and greater efficiency offsets the effect of lower prices, the world’s Continue Reading
