By Tyler Losier, Energy Reporter, Oil & Gas 360 Supply deficit quickly flipped to surplus: International Energy Agency data now shows 500,000 barrel per day global surplus for Q2 2019 Despite the OPEC+ supply cuts agreed upon earlier this month, a slowdown of the global economy is dampening oil demand, leading to a larger-than-expected surplus in crude reserves. According to
OPEC production reaches highest level since Indonesia left in 2009 In the group’s monthly release out today, OPEC reported that the group produced 31.695 MMBOPD, the most it has produced since 2009 reports The Wall Street Journal. The higher levels of production came mostly from Iraq, which added 247.5 MBOPD in November for a total of 4.3 MMBOPD. OPEC’s November
China consumes more energy than all of North America combined: BP The United States was awarded the banner of “Greatest Hydrocarbon Producer” in BP plc’s (ticker: BP) latest Statistical Review of World Energy. The achievement is considerable, but BP’s intentions move far beyond naming and world’s leading energy manufacturer. The 2015 Statistical Review is the 64th publication and takes more
Demand to edge up as some production goes offline in 2015 The International Energy Agency (IEA) released its monthly Oil Market Report (OMR) for the month of June today, projecting stronger than anticipated global demand growth through 2015. Global demand is expected to grow at 1.7 MMBOPD for the first quarter of 2015 and 1.4 MMBOPD for the rest of
