Oil Price Global observed oil inventories fell in October, with the first drop in oil product stocks for the first time in four months, the International Energy Agency (IEA) said on Thursday. Global observed oil inventories dropped by 19.6 million barrels in October, with crude inventories largely unchanged, but with the first decline in refined petroleum stocks in four months. The
Oil Price The current oil market deficit will turn into a slight surplus next year even if OPEC+ leaders Saudi Arabia and Russia extend their production and export cuts into 2024, Toril Bosoni, the Head of Oil Industry and Markets Division at the International Energy Agency (IEA), told Reuters on Tuesday. Global oil stocks are currently falling “at a fast rate”, Bosoni
Oil Price Latin America is poised to play an increasingly important role in the global transition to cleaner energy sources, the International Energy Agency (IEA) said on Wednesday in its first-ever energy outlook on the region. Latin America and the Caribbean region already lead in the energy transition, with hydropower, solar, wind, and biofuels having a large share in the energy mix
BOE Report The International Energy Agency, a Paris-based intergovernmental organization that regularly publishes energy research and outlooks, was in the news again the other week. “No new oil, coal projects needed as fossil fuel demand to peak this decade” blared the headlines from here, there and everywhere. The report concluded that demand for natural gas would also peak this decade.
Oil Price Oil prices are set for a surge in volatility amid an expected “significant supply shortfall” on the market in the fourth quarter of 2023, due to the Saudi-led cuts to OPEC+ oil supply, the International Energy Agency (IEA) said on Wednesday. So far this year, higher crude oil production from countries outside the OPEC+ alliance has managed to
Nasdaq LONDON – Oil demand is set to hit a record high this year and the market is tightening but economic headwinds and interest rate hikes have deflated growth expectations slightly, the International Energy Agency (IEA) said on Thursday. Still, the Paris-based energy watchdog sees demand growth next year rising by more than anticipated despite the rise being less than
Oil Price The Paris-based International Energy Agency (IEA) has predicted that global oil demand will peak before the end of the current decade as the transition to renewable energy gathers momentum. According to the IEA, global oil demand will rise by another 6% from 2022-28 to hit 105.7 million barrels per day. The agency expects demand growth for oil to
Oil Price There will be no significant effect on oil prices from stricter enforcement of the price cap on Russian oil exports as supply will not change meaningfully. This is according to the International Energy Agency, which commented on a statement made by the G7 during their meeting this weekend. “Any significant changes in the markets as always we will
Oil Price The decline in oil prices over the past few weeks contrasts with an expected tightening of the market later this year when demand exceeds supply by nearly 2 million barrels per day (bpd), the International Energy Agency (IEA) said on Tuesday. Since the middle of April, oil prices have lost all the gains from OPEC+’s latest announcement of new production
Oil Price Russian revenues from oil fell in February as exports declined after the EU embargo on oil product imports from Russia by sea, the International Energy Agency (IEA) said on Wednesday. Last month, Russia’s total oil exports dropped by 500,000 barrels per day (bpd) to 7.5 million bpd as the EU embargo on refined oil products came into
Oil Price Tight production capacity for liquefied natural gas could lead to shortages next winter, the head of the International Energy Agency, Fatih Birol, has warned. As gas demand from China begins to recover, competition for LNG supply will increase, creating the risk of shortages, Birol told Reuters on the sidelines of the Munich Security Conference. The head of
Oil Price China’s reopening is set to drive global oil demand to a record high of 101.7 million barrels per day (bpd) this year, up by 1.9 million bpd from 2022, the International Energy Agency (IEA) said on Wednesday, raising its demand growth estimate for 2023 by 200,000 bpd from 1.7 million bpd growth expected in December. Almost half of
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