Global oil supply and demand forecasts for 2015 have changed significantly recently, but these changes have largely cancelled each other out: the outlook is still one of a market roughly in balance. However, this ignores the tectonic shifts taking place under the surface. US output growth is decelerating. If futures markets pre-empt this, as they did in February, they risk reversing it, which could produce another drop in prices, as Ross McCracken, managing editor of Platts Energy Economist, explains.
Posts Tagged ‘IEA’
By Ross McCracken | February 27, 2015 12:01 AM Comments (0)
By Yen Ling Song | January 31, 2015 12:01 AM Comments (1)
By Stuart Elliott | December 12, 2014 11:44 AM Comments (0)
If you’re an oil exporter, the December 12th report on the state of the oil market from the International Energy Agency will have topped off yet another week of very bad news.
By Stuart Elliott | November 14, 2014 09:55 AM Comments (4)
The 30% fall in oil prices since mid-June continues to dominate the oil market headlines, and anyone hoping for a swift recovery in prices could well be disappointed — especially if the most recent forecasts from the International Energy Agency are anything to go by.
The west’s energy watchdog said on Friday that global oil prices could continue to fall into 2015 despite the expectation that some unconventional oil production could become uneconomic at prices under $80/b.
By Stuart Elliott | October 14, 2014 10:30 AM Comments (1)
With crude prices at near four-year lows, the last thing the world’s key oil producers want to hear is that demand growth is set to weaken yet further.
But that was the message from the International Energy Agency in its latest monthly oil market report published today.
By Stuart Elliott | September 11, 2014 10:57 AM Comments (0)
The closely watched monthly oil market report from the International Energy Agency confirmed a continued trend of oil demand growth slowdown on Thursday, adding a renewed bearish sentiment to already low oil prices.
There was nothing in the report to suggest prices could rebound from their current 16-month lows. The IEA described the recent slowdown in world oil demand growth as “nothing short of remarkable.”
And it is China — considered the key barometer for world oil demand growth — that the IEA said was one of the main causes of its most recent revisions.
By Stuart Elliott | August 12, 2014 10:37 AM Comments (0)
The International Energy Agency on Tuesday cut its oil demand growth forecast for 2014 for a number of reasons, not the least of which is a weaker global economic outlook than previously thought and lower oil supplies in the second quarter.
But even though the world won’t need as much oil this year as IEA earlier thought, that doesn’t mean it won’t need more crude from OPEC.
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?