Supply and demand beginning to cool as oversupply shrinks – IEA, OPEC weigh in The International Energy Agency sees supply and demand coming into balance during the third quarter of the year, according to its August Oil Market Report. From July through September, demand will outpace the supply of crude oil by almost 1 MMBOPD, even as OPEC producers continue
In the last two days, three reports have been released with current data and predictions for the oil market moving forward. Yesterday, the Oil Market Reports for July were released from both OPEC and IEA, as well as the crude oil storage report from API. This morning brought the Weekly Petroleum Status Report from EIA. This smorgasbord of data has
Middle East Oil will account for Most of the World’s Demand Growth IEA Believes An updated analysis from the International Energy Agency (IEA) has determined that the current oil price environment has boosted the share of oil produced in the Middle East. At 31 million barrels per day, the region now accounts for 35% of global oil supplies, the highest
Oil surplus about 40% smaller than thought a month ago The global glut of oil is shrinking, and the oil surplus is smaller than it was believed to be a month ago, according to the IEA’s June Oil Market Report. The oil surplus in the first half of 2016 is 800 MBOPD, about 40% smaller than estimated in May, and
Production overhang beginning to slow, but “sustainable price recovery more likely a 2017 event”: Wells Fargo Oil prices continued their gains today as a report from the IEA indicated that prices may have finally bottomed out, and are beginning to recover. In the agency’s March Oil Market Report (OMR), the IEA noted that oil supplies decreased by 180 MBOPD in
U.S. light tight oil production expected to fall 600 MBOPD in 2016 Oil prices are up more than 7% and 5% for WTI and Brent crude, respectively, today as news from the International Energy Agency forecasts production falling amid a global glut that has seen crude oil prices shed 70% of their value. The IEA still anticipates that overall global
Global output falling despite higher OPEC production; Wells Fargo’s Read looks for a deficit 2H2016 The International Energy Agency released its Oil Market Report for February, showing lower levels of production globally, despite higher output from members of OPEC. According to the release from the IEA today, global oil supply dropped 0.2 MMBOPD to 96.5 MMBOPD despite a production increase
The IEA sees continued pressure on oil potentially pushing prices down further In its first Oil Market Report of the year, the International Energy Agency painted a pessimistic picture for the outlook of oil prices. Even as the IEA expects 600 MBOPD of non-OPEC production to fall off during the year, “this will inevitably be largely offset by higher production
Mexico hopes to join the IEA as it continues reforming the oil and gas sector Mexican Secretary of Energy Pedro Joaquin Coldwell today presented International Energy Agency (IEA) Executive Director Fatih Birol with an official letter declaring Mexico’s interest in becoming an IEA member. The declaration of interest is the latest step in Mexico’s ongoing process of reforming its oil
The IEA’s monthly report places demand growth down from its five-year 2015 high The International Energy Agency (IEA) released its monthly report today, saying it expects global demand growth for oil to slow to 1.2 million barrels of oil per day in 2016. Demand growth in 2015 reached a five-year high of 1.8 MMBOPD, but momentum will ease towards its
Short-term prices likely to remain low Both the Energy Information Administration (EIA) and International Energy Agency (IEA) released their most recent pricing outlooks for the energy markets today, giving a glimpse into what two of the most widely followed energy agencies see as the future of energy markets. The EIA’s Short Term Energy Outlook (STEO) forecasts prices out through 2016,
Production growth nearly flat Month-over-month production growth was nearly flat from August to September, according to the International Energy Agency’s (IEA) September Oil Market Report. World oil supply held steady near 96.6 MMBOPD as lower non-OPEC production was offset by a slight increase in OPEC crude. OPEC crude supply rose by 90 MBOPD in September to 31.72 MMBOPD as record
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