Category:

IEA: Energy efficiency a hidden fuel

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 […]

Posted On : Published By : Tom Whipple
Category:

OPEC Oil Output Hits One-Year High in August on Nigeria

OPEC crude oil production increased to a one-year high in August, led by surging output in Nigeria, a Bloomberg survey showed. Production by the 12-member Organization of Petroleum Exporting Countries rose by 891,000 barrels a day to 31.033 million, according to the survey of oil companies , producers and analysts. Last month’s total was revised 80,000 barrels a day lower to 30.142 million because of changes to the Nigerian and Iranian estimates. Nigeria, Saudi Arabia and Angola led gains as new deposits came online, security improved and field maintenance programs ended. Iran and Venezuela were the only members to record production declines. “They are letting it rip,” John Kilduff , a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said by phone. “The geopolitical scares out there have supported the market some but any resolution would remove that. We’re heading for a definite […]

Posted On : Published By : Tom Whipple
Category:

Highlights of the latest OMR

Welcome to the OMR Subscriber’s website Please check that your usage of this website conforms to the licence you subscribe to at http://www.iea.org/oilmar/licenceomr.html. Highlights of the latest OMR dated: 12th August 2014 Crude prices fell in July and early August as weak OECD refinery runs in June offset concerns about escalating conflicts in Iraq, Libya and Ukraine. At the time of writing, ICE Brent was below $105/bbl on hopes that US air strikes would lower disruption risks in major OPEC producer Iraq. WTI was around $98/bbl. The global oil demand growth forecast for 2014 has been lowered to 1.0 mb/d on lower-than-expected 2Q14 deliveries and a weaker GDP outlook from the IMF. Growth is set to accelerate to 1.3 mb/d in 2015 as the economy improves. Baseline demand estimates have been raised to reflect new 2012 non-OECD annual data. OPEC crude oil supply rose by 300 kb/d to 30.44 mb/d in […]

Posted On : Published By : Tom Whipple
Category:

IEA Lowers 2014 Oil Demand Growth Forecast

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 […]

Posted On : Published By : Tom Whipple
Category:

IEA: Oil demand growth forecast lowered on downgraded economic outlook

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 […]

Posted On : Published By : Tom Whipple
Category:

Short-Term Energy Outlook

Highlights The market’s perception of reduced risk to Iraqi oil exports and news regarding increasing Libyan oil exports contributed to a drop in the Brent crude oil spot price to an average of $107 per barrel (bbl) in July, $5/bbl lower than the June average. EIA projects Brent crude oil prices to average $107/bbl over the second half of 2014 and $105/bbl in 2015. West Texas Intermediate (WTI) crude oil prices fell from an average of $106/bbl in June to $104/bbl in July, despite record levels of U.S. demand for crude oil . The WTI discount to Brent, which averaged $11/bbl in 2013, is expected to average $8/bbl and $9/bbl in 2014 and 2015, respectively, both $1/bbl lower than projected in last month’s STEO. Regular gasoline retail prices fell to an average of $3.61 per gallon (gal) in July, 8 cents/gal below the June average. Regular gasoline retail prices […]

Posted On : Published By : Tom Whipple
Category:

IEA: Oil demand to rise in 2015

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 […]

Posted On : Published By : Tom Whipple
Category:

OPEC Annual Statistical Bulletin + MOMR

OPEC 12 Saudi Arabia OPEC ASB Reserves OPEC ASB Wells OPEC ASB Wells Prod. OPEC ASB Cumulative OPEC ASB Population G OPEC ASB Exchange Rate There are conspiracy theories and conspiracy theories. The ones to steer well clear of are the over-arching ones that seek to explain every significant political development. The ones that don’t trace themselves back to the Protocols of the Elders of Zion trace them back instead to the British Royal Family. Most people who believe them are nutters, but some of the people pushing them are more sinister. On the other hand, conspiracy theories to explain certain limited facts and/or situations can be credible. For a while I entertained one or two 9/11 conspiracy theories, until I decided that they required having too many people in on it in some fashion and would result, if they actually existed, in a whistle-blower coming forward. There is […]

Posted On : Published By : Tom Whipple
Category:

OPEC July Oil Production Rises to Highest Level in Five Months

Oil production in the North African country rose by 200,000 barrels a day in July. European Pressphoto Agency LONDON—OPEC’s oil production rose to its highest in five months in July, boosted by the reopening of ports and oil fields in Libya, the oil producers’ group said Friday. In its monthly oil market report, the Organization of the Petroleum Exporting Countries said Libya’s production rose by 200,000 barrels a day last month, bolstering the group’s output by 167,000 barrels a day to total 29.9 million barrels a day. The increase in production came after Libya’s government reached an agreement with rebel forces in July to reopen oil ports and fields that had been closed for nearly a year, raising hopes that its exports could begin to rise. […]

Posted On : Published By : Tom Whipple
Category:

OPEC REVENUES FACT SHEET

OPEC net oil export revenues The U.S. Energy Information Administration (EIA) estimates that, excluding Iran, members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $826 billion in net oil export revenues in 2013. This was a 7% decrease from 2012 earnings, but still the second-largest earnings totals during the 1975-2013 period for which EIA has tracked OPEC oil revenues. OPEC earnings declined largely for two reasons: a drop in OPEC oil production in 2013 (largely because of the supply disruption in Libya), and a 3% decline in average crude oil prices (as measured by the Brent crude oil price marker). Saudi Arabia earned the largest share of these earnings, $274 billion in 2013, representing approximately one-third of total OPEC oil revenues. On a per capita basis, OPEC (excluding Iran) net oil export earnings reached about $2,520 in 2013. These net export earnings do not include Iran’s […]

Posted On : Published By : Tom Whipple