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.
While oil markets will start re-balancing after a slump next year, an oversupply in natural gas won’t disappear until the end of the decade, the International Energy Agency said, slashing its gas demand outlook for a fourth straight year.
New liquefied natural gas (LNG) supplies are coming online just as demand growth in some major markets weakens, resulting in a major reshaping of the global gas trade in the next five years.
The global oil surplus in the first half of this year will probably be smaller than previously estimated because of robust demand in India and other emerging nations, the International Energy Agency said.
Growth in global oil demand will ease to around 1.2 million barrels per day (mb/d) in 2016, below the 1.8 mb/d expansion of last year, according to the International Energy Agency.
An oil shock may be lurking around the corner as the price bust has hammered investment in future supply, according to the International Energy Agency.
The International Energy Agency (IEA) said oil prices may have bottomed as output in the US and other non-OPEC producers begins to fall and an increase in supply from Iran has been less dramatic.
The oil industry is set to further reduce spending this year as crude prices remain low, according to the head of the International Energy Agency, signaling more pain for oil services and engineering firms.
So what do 2,800 or so of the world’s elite energy minds talk about when they gather at Houston’s IHS CERAWeek energy conference? Here’s a taste of what we heard on Monday.
The influential International Energy Agency sees oil markets rebalancing in 2017 thanks to falling US production but the decline will prove short-lived as efficiency gains will push U.S. output to new records by the beginning of the next decade.
The world's nations must adapt to new technologies to ensure sustainability and supply security as the world moves to low-carbon power generation, according to the International Energy Agency.
Unseasonably warm weather and rising supply will keep the crude oil market oversupplied until at least late 2016, according to the International Energy Agency.
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.
India's reliance on foreign oil will jump from 80 percent to 90 percent by 2040 and it would lead global energy demand growth, the International Energy Agency said in a report on the world's third largest energy consumer released in New Delhi on Friday.
To understand what the oil price crash will mean for global crude supplies next year, look no further than the two nations that added more barrels to world markets in 2015 than anyone else.
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 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.
The world crude oil price has been fluctuating around a low-level of $50/barrel for three months, now the prospect seems even gloomier as the International Energy Agency projects that 41% of the world market will continue to be taken by OPEC countries until 2020, with the rest of the world stagnating their production.
The world is awash in crude, but big oil companies are lining up to develop new fields in Iran even as they slash spending and abandon exploration elsewhere. One thing explains this paradox: cost.
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 edged further above $46 a barrel on Tuesday, supported by the prospect of lower US inventories and production although concern about weaker Asian demand kept prices in check.
A former Schlumberger executive with extensive experience in technology and clean energy joined the International Energy Agency (IEA) this month as Director for Sustainable Energy Policy and Technology.
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.
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 erased its advance as the International Energy Agency forecast prices will need to fall further to curb excess supplies, countering gains after nuclear talks stalled between Iran and world powers.