IEA

Oil & Gas

IEA sees oil market balancing in 2017

14/06/2016

The global oil market will be almost balanced next year as demand continues to rise faster than production, while the current oversupply is much smaller than previously thought, the International Energy Agency said.

Oil & Gas

IEA Sees oil glut lasting until late 2016 as OPEC keeps pumping

11/12/2015

The global oil surplus will persist at least until late 2016 as demand growth slows and OPEC shows “renewed determination” to maximize output, according to the International Energy Agency. The Organization of Petroleum Exporting Countries, by effectively dropping production limits at its Dec. 4 meeting, is displaying hardened resolve to maintain sales volumes even as prices fall in an oversupplied market, the agency said Friday in its monthly report. While its policy is hitting rivals, triggering the steepest drop in non-OPEC supply since 1992, world oil inventories will likely swell further once Iran restores exports on the completion of a deal to lift sanctions, it said.

Oil & Gas

Oil price competition to intensify when Iranian crude returns

13/11/2015

Oil price competition in Europe is set to intensify when Iranian crude returns to the market after sanctions on its nuclear program are lifted, the International Energy Agency said. Europe will be the battleground between producers of sour crude grades, including Russia, Iraq, Saudi Arabia and Iran, as the Asian market becomes more “crowded,” the Paris-based IEA said in its monthly report. Iraq, the second largest oil producer in the Organization of Petroleum Exporting Countries, has increased its market share in Europe after the imposition of sanctions on Tehran resulted in the collapse of Iranian exports, the IEA said. Iraq sold 1 million barrels a day to Europe in July and August, overtaking Saudi Arabia, according to the IEA.

Oil & Gas

IEA says record 3 billion-barrel oil stocks may weaken prices

13/11/2015

Oil stockpiles have swollen to a record of almost 3 billion barrels because of strong production in OPEC and elsewhere, potentially deepening the rout in prices, according to the International Energy Agency. This “massive cushion has inflated” on record supplies from Iraq, Russia and Saudi Arabia, even as world fuel demand grows at the fastest pace in five years, the agency said. Still, the IEA predicts that supplies outside the Organization of Petroleum Exporting Countries will decline next year by the most since 1992 as low crude prices take their toll on the U.S. shale oil industry.

Oil & Gas

Oil glut to persist as global demand slows says IEA

13/10/2015

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.

Oil & Gas

IEA chief calls for greater partnership with China

09/09/2015

The new head of the International Energy Agency (IEA) said there needed to be greater partnership between the organisation and China. Fatih Birol made the comments on his first visit to the world's largest energy consumer. Birol, who took up his new post earlier this month, told an audience of Chinese officials and foreign diplomats in Beijing that one of his top priorities in the role will be to strengthen ties with the company.