Counting barrels is always tough to do, as Ross McCracken discusses in this month’s excerpt from Platts Energy Economist.
Posts Tagged ‘IEA’
By Ross McCracken | July 29, 2014 12:01 AM Comments (1)
By Stuart Elliott | July 11, 2014 11:43 AM Comments (0)
The International Energy Agency on Friday gave its first taste of how oil markets might look in 2015, and on first reading it looks as though they should be pretty well supplied throughout the course of the year.
The agency’s confidence that non-OPEC supply can meet almost all of the projected growth in demand next year means that OPEC itself won’t need to produce, on average, any more than its current 30 million b/d ceiling. Read the rest of this entry »
By Stuart Elliott | May 15, 2014 01:49 PM Comments (0)
The International Energy Agency believes OPEC will need to raise its production by nearly 1 million b/d in the third quarter to meet rising global demand and to make up for slowing supply growth from non-OPEC producers.
That would mean the group would be producing nearly 31 million b/d within a few months.
Can it be done?
By Robert Perkins | April 11, 2014 08:02 PM Comments (0)
A real prospect that export flows out of Libya can start to ramp up in the coming weeks after the resolution of a nine-month-long standoff with rebels couldn’t come at a better time for OPEC it seems.
According to the International Energy Agency’s latest monthly report, OPEC’s 12 members will need to pump an average of 350,000 b/d more during the second half of 2014 to meet global oil demand after their output slumped to a five-month low in March.
By James Bambino | March 27, 2014 12:19 PM Comments (5)
In a perfect world of crude pricing, there would exist a mechanism to soak up excess length when prices were low, and add length into the market when prices were high.
In the world of money, this is called a central bank, with a dual mandate of keeping inflation low and employment as full as possible. There is no central bank for crude oil. But if there were, its dual mandate would be a price floor for producers and a price ceiling for consumers. Read the rest of this entry »
By Richard Swann | March 14, 2014 02:20 PM Comments (0)
The oil market is no stranger to conflicting price signals, and the current period of relatively calm prices is a case in point.
The ongoing standoff between Russia and the West has so far caused only a relatively small, and short-lived rise in crude prices, despite the huge importance of oil trade between Russia and Europe, in particular.
If you want to know why the reaction was not bigger, you might want to take a look at the latest monthly report from the International Energy Agency, which has some very interesting data in it.
By John Kingston | February 17, 2014 05:17 PM Comments (0)
Energy economist Phil Verleger has been waging a steady war against the argument that “too much” trading of energy futures contributes to higher prices.
To the contrary, as he has written many times, in the long run it will contribute to lower prices, and current government efforts to curb speculation by diminishing volume is laying the groundwork for a reduction in US output and higher prices down the road.
By Robert Perkins | January 21, 2014 11:03 PM Comments (0)
This month’s oil market report by the International Energy Agency seems to place the US in an even more pivotal role in balancing global oil markets.
With US oil demand firmly on the ascent, it appears the country’s economic recovery is now providing a counterweight to its surging supplies of tight oil.
By Robert Perkins | December 11, 2013 02:08 PM Comments (0)
Signs that the US is experiencing at least a temporary surge in oil demand were reinforced Wednesday after the International Energy Agency said the US has seen its biggest spurt in demand growth for almost a decade.
In its latest monthly oil market report, the IEA said US oil demand likely averaged nearly 19.1 million b/d in September, up 900,000 b/d year-on-year and the fastest pace of growth experienced in nearly 10 years.
By Margaret McQuaile | December 5, 2013 03:09 PM Comments (0)
OPEC has often been criticized in the past for failing to cut crude output until the tide of oversupply is washing up at its shores. On Wednesday, the cartel ignored all the latest tidings of doom and gloom and rolled over for at least another six months the 30 million b/d output ceiling that has been in place since January last year. What else could it have done?
Undoubtedly, there is a long list of possible developments that could put heavy downward pressure on oil prices.