Category: Global

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. […]

Click here to view full article at www.rigzone.com

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 […]

Click here to view full article at www.reuters.com

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 […]

Click here to view full article at www.bloomberg.com

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 […]

Click here to view full article at www.wsj.com

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 […]

Click here to view full article at www.iea.org

Click here to view full article at www.ft.com

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 […]

Click here to view full article at www.bloomberg.com

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 […]

Click here to view full article at www.wsj.com