Category: IEA

Global oil markets will remain oversupplied next year as demand growth slows and Iranian exports are poised to recover with the lifting of sanctions, the International Energy Agency said. While supplies outside OPEC will decline in 2016 in response to lower prices, demand growth will ease from this year’s five-year high amid a weaker outlook for the world economy, allowing the crude surplus to endure, the IEA predicted. Iran could swell the glut if restrictions on its sales are removed with the completion of a nuclear accord, while Iraq has replaced the U.S. as the biggest source of new supplies as its output reaches record levels. “The market may be off balance for a while longer,” the Paris-based adviser to 29 nations said in its monthly report. “A projected marked slowdown in demand growth next year and the anticipated arrival of additional Iranian barrels — should international sanctions be […]

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A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. A global oil supply glut will persist through 2016 as demand growth slows from a five-year high and key OPEC producers maintain near-record output, the International Energy Agency said on Tuesday, even as low prices curb supply outside OPEC. The IEA, which advises industrialized countries on energy policy, said in a monthly report that world oil demand will rise by 1.21 million barrels per day (bpd) in 2016, down 150,000 bpd from last month’s forecast. "A projected marked slowdown in demand growth next year and the anticipated arrival of additional Iranian barrels – should international sanctions be eased – are likely to keep the market oversupplied through 2016," the Paris-based IEA said. A drop in oil prices because of abundant supply to just over $50 a barrel – half the level of June 2014 – has […]

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A top energy watchdog Tuesday warned that oil markets would likely remain oversupplied next year, as oil demand growth slows down amid an expected return of Iranian oil. The assessment by the International Energy Agency–which represents some of the world’s largest oil consumers–is somewhat less upbeat than the Organization of the Petroleum Exporting Countries which Monday said oil markets would start to rebalance themselves next year amid declining U.S. production. In its closely watched monthly oil market report, the IEA cut its forecast for oil demand growth for next year by about 200,000 barrels a day compared with its previous assessment in September. It now sees world oil consumption rising by 1.2 million barrels a day in 2016, compared with a five-year-high growth of 1.8 million barrels a day in 2015. “A projected marked slowdown in demand growth next year and the anticipated arrival of additional Iranian barrels-–should international […]

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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 . After a relatively stable month in September, crude oil price benchmarks rallied in early October on expectations of lower US output and rising tension in the Middle East. At the time of writing, ICE Brent was trading at $51.90/bbl with NYMEX WTI lower at $48.80/bbl. Global demand growth is expected to slow from its five-year high of 1.8 […]

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In its August Oil Market Report the International Energy Agency’s forecast shows stronger-than-anticipated global oil demand and non-OPEC supply growth swinging into contraction next year. A rebalancing has clearly begun, IEA said. However, the process is likely to be prolonged as a supply overhang is expected to persist through 2016—suggesting global inventories will pile up further, the agency noted. Demand IEA forecasts global oil demand to grow 1.6 million b/d in 2015, 300,000 b/d above last month’s report and averaging 94.2 million b/d, as economic growth solidifies and consumers response to lower oil prices . “This represents the biggest growth spurt in 5 years and a dramatic uptick on a demand increase of just [700,000] b/d in 2014,” IEA said. IEA’s latest 2016 forecast also rises 400,000 b/d to 95.6 million b/d—an above-trend 1.4 million b/d gain—on higher baseline numbers and expectations of a more robust economy. The second-quarter […]

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LONDON, Aug 12 (Reuters) – World oil demand is expanding at its fastest pace in five years thanks to rebounding economic growth and low prices, but global oversupply will last through 2016, the West’s energy watchdog said on Wednesday. The International Energy Agency said in a monthly report that it was steeply raising its demand growth outlook for this year and 2016, and expected non-OPEC supply growth to decline next year, with U.S. producers hardest hit. "While a rebalancing has clearly begun, the process is likely to be prolonged as a supply overhang is expected to persist through 2016 – suggesting global inventories will pile up further," the Paris-based IEA said. The view from the IEA chimes with that of the U.S. government, which on Tuesday lowered U.S. production forecasts, signalling that a 60 percent rout in benchmark prices since last summer may finally be weighing on shale output. […]

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A car is filled with gasoline at a gas station pump in Carlsbad, California August 4, 2015. World oil demand is growing at its fastest pace in five years thanks to rebounding economic growth and low prices, but global oversupply is so great that it will last through 2016, the West’s energy watchdog said on Wednesday. The International Energy Agency said in a monthly report that it was steeply raising its demand growth outlook for this year and 2016, and expected non-OPEC supply growth to decline next year, with U.S. producers hardest hit. "While a rebalancing has clearly begun, the process is likely to be prolonged as a supply overhang is expected to persist through 2016 – suggesting global inventories will pile up further," the Paris-based IEA said. The view from the IEA chimes with that of the U.S. government, which on Tuesday lowered U.S. production forecasts, signaling that […]

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The global oil glut will last through next year as surging demand and faltering supply growth fail to clear the surplus, according to the International Energy Agency. Record inventories will expand further even as consumption climbs by the most in five years in 2015 and supplies outside OPEC contract next year for the first time since 2008, the IEA predicted. Stockpiles won’t be diminished until the fourth quarter of 2016, or later if sanctions on Iranian crude are lifted following last month’s nuclear deal, the agency said. “While a rebalancing has clearly begun, the process is likely to be prolonged as a supply overhang is expected to persist through 2016 — suggesting global inventories will pile up further,” the Paris-based adviser to 29 nations said in its monthly report. Oil has slumped to a six-year low near $40 a barrel in New York as OPEC members boost output to […]

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Demand for oil is increasing at its fastest pace in five years, boosted by an oil-price drop below $50 a barrel, a top energy watchdog said Wednesday, as it sharply upgraded its consumption-growth forecast for the commodity. But in a blow to the Organization of the Petroleum Exporting Countries’ strategy to defend its market share, the International Energy Agency said lower oil prices would only start to dent rival production next year. In its closely watched monthly report, the IEA said global oil demand would grow by 1.6 million barrels a day this year, an upward revision of 200,000 barrels a day from its previous forecast, and would keep rising by 1.4 million barrels a day next year. The organization—which advises industrialized nations on energy—said consumers were responding to lower oil prices while macroeconomic prospects were better than expected. “Oil’s plunge below $50 barrels a day from triple digits […]

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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 prices fell sharply during July and into early August, pressured by an abundance of supply and a strong US dollar. By early August, global benchmarks had sunk around 25% below end June levels. At the time of writing, ICE Brent was trading at around $49 /bbl while NYMEX WTI was at $43.30/bbl. Global oil demand in […]

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Oil prices may fall further as the world remains “massively oversupplied,” before markets tighten in 2016 when output growth outside OPEC grinds to a halt, according to the International Energy Agency. There will be no overall production growth outside the Organization of Petroleum Exporting Countries for the first time since 2008, according to the IEA. Growth in U.S. shale oil supplies will stagnate to mid-2016 while output declines in Russia, the Paris-based adviser said in its first detailed assessment of the year ahead. Global oil demand growth will slow in 2016, the agency predicted. Oil-producing nations around the world are reeling after OPEC initiated a strategy in November to defend its share of global markets by pressuring rivals to curb output. Oil prices, 45 percent lower than a year ago, may need to decline further to reduce the supply surplus, the IEA said. “The bottom of the market may […]

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The International Energy Agency said Friday global demand for oil would slow down next year, as it warned that crude prices could resume a recent downward spiral. “The bottom of the market may still be ahead,” the agency said in its closely watched monthly oil-market report. In its first oil-consumption assessment for next year, the IEA—which advises industrialized nations on their energy policies—said global oil demand growth is forecast to slow to 1.2 million barrels a day in 2016. That compares with an average 1.4 million barrels a day this year. It said a return of Iranian oil and if Greece were to exit from the euro could put further pressure on oil prices—which have lost about 10% in the past month. Tehran this week failed to meet a deadline to clinch a nuclear deal with world powers. But if sanctions were lifted, it could raise exports immediately out […]

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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 prices fell to their lowest in nearly three months in early July, pressured by ever rising supply while financial turmoil in Greece and China unsettled world markets. At the time of writing, Brent was around $59/bbl and US WTI at $53.10/bbl. Global oil demand growth is forecast to slow to 1.2 mb/d in 2016, from an […]

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According to the International Energy Agency’s most recent Oil Market Report , global oil demand averaged 93.3 million b/d in this year’s first half, up 1.6 million b/d on the year and 400,000 b/d above the estimate in last month’s report. Global demand for the whole year is forecast to average 94 million b/d, 1.4 million b/d up on the year and 300,000 b/d higher than in last month’s OMR. “Since bottoming out at a 5-year low in second-quarter 2014, global oil demand growth has steadily increased, as additional economic growth, colder-than-year-earlier European winter weather conditions and more recently price effects have filtered through,” IEA said. However, momentum is expected to ease somewhat in this year’s second half, assuming a return to normal weather conditions and given a recent partial recovery in oil prices. Global oil production fell 155,000 b/d in May to 96 million b/d as a small […]

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LONDON World oil demand will rise much more than expected this year, the International Energy Agency (IEA) said on Thursday, in the latest sign that the collapse in oil prices is helping to boost fuel use. The Paris-based agency also pointed to "exceptionally high" growth in global supplies, forecasting OPEC crude production would remain near May’s multi-year high and boosting its projection of supplies this year from other producers. In a monthly report, the IEA raised its forecast for global oil demand growth in 2015 by 280,000 barrels per day (bpd) to 1.40 million bpd, bringing demand this year to almost 94 million bpd. "Recent oil market strength of course partly stems from unexpectedly strong global oil demand growth," said the IEA, which advises industrialized nations on energy policy. Oil prices have recovered this year after hitting a near six-year low close to $45 a barrel in January. Prices […]

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Low oil prices and economic growth have helped drive up consumer demand for energy across the world in 2015, the International Energy Agency said Thursday, a phenomenon seen from U.S. gasoline stations to Chinese auto dealerships. The IEA’s closely watched oil-market report lent some support to an idea pushed by the Organization of the Petroleum Exporting Countries and other producers: that collapsing oil prices would spur more consumer demand and eventually send prices back up. The benchmark U.S. oil price hit a six-month high on Wednesday. The IEA said world demand for oil would increase by 1.4 million barrels a day this year, 300,000 barrels a day faster than it previously forecast, to a daily average of 94 million barrels this year. Global demand in 2014 was about 92.6 million barrels a day, the IEA said. That was driven in part by gasoline-demand growth of 4.2% in the U.S., […]

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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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The rebalancing of the oil market triggered by the collapse in prices has yet to run its course and it would be a mistake to assume it will proceed smoothly, Continue Reading

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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(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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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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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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The United States will remain the world’s top source of oil supply growth up to 2020, even after the recent collapse in prices, the International Energy Agency said, defying expectations Continue Reading

Woodcut showing a soothsayer in front of a king. We can see some of the signs in the nature the soothsayer uses: stars, fishes and sounds from the mountains. Creator: Olaus Magnus 1555. Source: "Historia de gentibus septentrionalibus", book 3 via Wikimedia Commons. Recent developments are beginning to undermine the supremacy of the world’s long-running energy information duopoly and its perennially optimistic narrative. Policymakers, investors and the public should take heed. Until now most energy price and supply forecasts and analyses were based predominately on information from the globe’s two leading energy information agencies: the  U.S. Energy Information Administration (EIA) , the statistical arm of the U.S. Department of Energy, and the  International Energy Agency (IEA) , a consortium of 29 countries originally formed in response to the 1973-74 Arab oil embargo to provide better information on world energy supplies to its members. Both agencies provide forecasts that are […]

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Abu Dhabi (Platts)–20Jan2015/655 am EST/1155 GMT Flat global demand for oil and the wild card of shale oil development continued to cast long shadows over the global oil market, the International Energy Agency’s Executive Director Maria van der Hoeven said Tuesday. "There is no growth in demand, and that has to do with the global economy," she told reporters on the sidelines of the World Future Energy Summit in Abu Dhabi. "We do not see that recovering," she added. Van der Hoeven described the rise of North American shale oil and gas production in recent years as "a game changer" for global energy markets. It was too early to tell whether low oil prices would trigger deflation in advanced economies, but the IEA was monitoring the situation closely, she said. The IEA was also keeping a watch on the impact of falling oil prices on gas markets, she said. […]

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mb/dWorld Oil Demand1Q20122Q20123Q20124Q20121Q20132Q20133Q20134Q20131Q20142Q20143Q20144Q20141Q20152Q20153Q20154Q2015868890929496© OECD/IEA 2014 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 . The price of oil continued to collapse into January as rising supplies collided with weak demand growth and OPEC maintained its commitment to not cut production. Brent crude futures last traded at $48.40/bbl, near a six-year low. NYMEX WTI was at $47.75/bbl. Macroeconomic weakness continues to restrain global oil demand growth, with 4Q14 deliveries estimated […]

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Non-OPEC oil producers will increase output this year at a slower rate than previously forecast, aiding a recovery in crude prices, the International Energy Agency said. The adviser lowered its non-OPEC supply growth estimate by 350,000 barrels a day, the first cut since the 2015 forecast was introduced in July. Half the cut is from Colombian output while effects on U.S. production are so far “marginal,” it said. The slow-down in non-OPEC output will lead to a “rebalancing” of currently over-supplied global markets in the second half, reviving prices, the agency said. “Companies have been taking an axe to their budgets, postponing or cancelling new projects,” the Paris-based IEA, which advises 29 nations on energy policy , said in its monthly market report. “A price recovery, barring any major disruption, may not be imminent, but signs are mounting that the tide will turn.” Oil prices have collapsed almost 60 […]

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Highlights This article analyses historical IEA forecasts of global energy consumption. Three major forecasting challenges are observed and briefly analysed: Overprediction of oil consumption Underprediction of coal consumption Underprediction of other renewables Introduction The International Energy Agency tackles a monumental task every year when compiling its World Energy Outlook report: forecasting global energy consumption over the next 2-3 decades. Over the years, the IEA has taken quite a lot of flak from critics with 20/20 hindsight about fairly large deviations between forecasted and actual numbers. For example, the IEA failed to forecast the plateau in conventional oil production which started about one decade ago and generally underpredicted the expansion rate of modern renewables. But just how large are these deviations? This article will take a quantitative look at 15 years of IEA World Energy Outlooks (available  here ) and compare the forecasts to actual data from the BP Statistical Review to get […]

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URL: http://www.rigzone.com/news/oil_gas/a/136362/IEA_Slow_Demand_Rising_Supply_Put_Further_Pressure_On_Oil_Price Oil prices are likely to come under further downward pressure, IEA says, as it cuts its outlook for demand growth in 2015 and predicts healthy non-OPEC supply gains will aggravate a global oil glut. LONDON, Dec 12 (Reuters) – Oil prices are likely to come under further downward pressure, the International Energy Agency said on Friday, as it cut its outlook for demand growth in 2015 and predicted healthy non-OPEC supply gains would aggravate a global oil glut. Oil prices have fallen by 45 percent since June with the sell-off gaining pace after OPEC decided last month to keep its output target unchanged. The IEA said that if OPEC maintained production levels, the global oversupply would reach 2 million barrels per day in the first half of 2015, when demand will be seasonally weak. The agency, which coordinates energy policies of industrialised countries, cut its outlook for […]

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LONDON — The downdraft in oil prices showed no sign of abating on Friday. The main international benchmark, Brent crude, fell about 3 percent to about $61.80 barrel, a five-year low. That dip came a day after the American benchmark, West Texas Intermediate crude, fell below the psychologically significant $60 a barrel level in the United States for the first time since 2009. The International Energy Agency added to downward price pressures on Friday by cutting its forecast for global demand for crude oil in 2015. For now, analysts say, there seems to be no safety net for oil prices. “In the very short term prices can go lower; the market is weighted to very bearish sentiment,” Richard Mallinson, an analyst at Energy Aspects, a London-based research firm, said Friday. European stocks fell on Friday, posting their biggest weekly loss since mid-2011 as energy stocks were hurt by the […]

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Trimmed oil demand forecast slams crude oil prices in an already weak market. (UPI Photo/Monika Graff) The IEA said in its market report for December the outlook ahead was weaker than previously expected. The outlook for 2015 demand growth was trimmed by 230,000 barrels per day to just under 1 million bpd because of lower expectations about the Russian economy and other oil-exporting countries impacted by the bear market for crude oil . That word sent oil prices reeling in a market already battered by low demand expectations outlined in the December market report from the Organization of Petroleum Exporting Countries. Brent, the global benchmark, shed more than $1.20 per barrel for the January contract to trade at $62.46 early Friday. West Texas Intermediate, the U.S. index, passed a new threshold low to trade down $1.30 to near $58.50 for January delivery. Oil prices are at a point where […]

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mb/dWorld Oil Demand1Q20122Q20123Q20124Q20121Q20132Q20133Q20134Q20131Q20142Q20143Q20144Q20141Q20152Q20153Q20154Q2015868890929496© OECD/IEA 2014 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 . Oil prices continued to plunge in November and into early December. The selloff gained pace after OPEC on 27 November decided to keep its output target unchanged. ICE Brent was last trading at a five-year low of $64.05/bbl, down more than 40% from June, and NYMEX WTI at $60.45/bbl. The outlook for global oil demand […]

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Global oil demand next year will be weaker than previously estimated and supply from non-OPEC producers will be bigger, the International Energy Agency said. Consumption will expand by 230,000 barrels a day less than estimated in November, the Paris-based adviser to 29 nations said in a report today. Output from nations outside of the Organization of Petroleum Exporting Countries will grow at a faster pace than the agency predicted last month. Production rising faster than demand could strain some nations’ ability to store by the middle of next year, it predicted. The agency cut projections because the economies of producer nations are being hurt by tumbling prices, the IEA said. Most of the reduction in next year’s estimate is attributable to Russia , where sanctions are hobbling growth, it said. Brent crude costs that collapsed 43 percent this year are too low for 10 of OPEC’s 12 members to […]

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The International Energy Agency , the adviser to 29 governments, got an offer to move to Budapest. The lease on its premises in Paris, home since 1974, is due to expire within two years. Hungary is willing to house the IEA for free, according to the official government gazette. The agency employs 240 people, including analysts who produce reports, compile statistics and make policy recommendations on energy issues. The lease on the IEA’s current secretariat expires in 2017, Greg Frost, a spokesman for the organization said by e-mail today. “The IEA and its 29 Members are therefore considering several options for our future accommodation,” he said, without mentioning Budapest. “Any decision on accommodation rests with the IEA Governing Board, and a decision is expected to be taken within the next year.” The IEA was formed in response to the 1970s oil crisis. Its members, including the U.S., Germany and […]

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Global energy demand will dramatically increase over the next 20 years, but turmoil in many key producing regions and the difficulties in formulating the right energy policies mean the world Continue Reading

Home | News & Analysis | Latest News Headlines | IEA sees world oil demand rising to 104 million b/d in 2040 from 90 million b/d in 2013 London (Platts)–12Nov2014/137 am EST/637 GMT The International Energy Agency has delivered a new warning about future supply of oil and gas as turmoil continues in the Middle East and the conflict between Russia and Ukraine remains unresolved. In its latest annual World Energy Outlook to be released later Wednesday, the Paris-based IEA said current ample supply of oil should not leave consumers complacent, especially given the increasing dependence on Middle East producers. "The short-term picture of a well-supplied oil market should not disguise the challenges that lie ahead as reliance grows on a relatively small number of producers," the IEA said, in an apparent reference to current expectations that rising supply will more than meet incremental world oil demand in the […]

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The EIA, a few days ago posted their International Energy Statistics . They publish lots of statistics here but on monthly basis I only follow their  production of world  Crude Oil including Lease Condensate . The data on all charts below is Crude + Condensate production through July 2014 and is in thousand barrels per day. World C+C production was up 168,000 bpd to 77,023,000 bpd. The high, so far, was in February at 77,409,000 bpd. Non-OPEC C+C was down 135,000 bpd from it high so far. It has been on a 9 month plateau high. World Less US & N-O Less US That surge upward in world C+C production was, of course all US production. Without US production Non-OPEC production is 1,365,000 bpd below the peak in November, 2010 and is currently below the level hit on November, 2003. World C+C less US is 2,069,000 bpd below the […]

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Global oil demand faltering, International Energy Agency says. UPI/A.J. Sisco.. PARIS, Oct. 14 (UPI) — Lower economic growth expectations mean the forecast for global oil demand is down, but should recover in 2015, the International Energy Agency said Tuesday. The Paris-based IEA released its monthly market report for October, saying it cut its oil demand prediction for the year by 200,000 barrels per day from the previous month’s report to 92.4 million bpd. The IEA attributed the decline to lower economic growth . In its monthly report, the Organization of Petroleum Exporting Countries kept oil demand growth predictions steady at 1.05 million bpd for 2014. "Annual demand growth for 2014 is now projected at 700,000 bpd, rising tentatively to 1.1 million bpd in 2015 as the macroeconomic backdrop improves," IEA said in its forecast. OPEC last week said the global economy should grow by 0.6 percent next year to […]

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The International Energy Agency cut its oil-demand growth forecast for this year by more than a fifth, predicting global consumption is easing dramatically, even as producers show few signs of Continue Reading

Oil fell for a third month straight in September with Brent breaking through $90/bbl in October , on abundant supply, slowing demand growth and a strong US dollar. Brent prices have fallen by over 20% since June, when turmoil in Iraq lifted prices to $116/bbl, and were last at a near four-year low of $88.70/bbl. NYMEX WTI was at $85.20/bbl.   The forecast of global oil demand for 2014 has been revised 0.2 mb/d lower since last month’s Report, to 92.4 mb/d, on reduced expectations of economic growth and the weak recent trend. Annual demand growth is now projected at 0.7 mb/d in 2014, rising tentatively to 1.1 mb/d in 2015, as the macroeconomic backdrop improves.   Global supply rose by almost 910 kb/d in September to 93.8 mb/d, on higher OPEC and non-OPEC output. Compared with a year earlier, total supply stood 2.8 mb/d higher, as OPEC supply swung back to growth and amplified robust […]

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