U.S. light tight oil production expected to fall 600 MBOPD in 2016 Oil prices are up more than 7% and 5% for WTI and Brent crude, respectively, today as news from the International Energy Agency forecasts production falling amid a global glut that has seen crude oil prices shed 70% of their value. The IEA still anticipates that overall global
Global output falling despite higher OPEC production; Wells Fargo’s Read looks for a deficit 2H2016 The International Energy Agency released its Oil Market Report for February, showing lower levels of production globally, despite higher output from members of OPEC. According to the release from the IEA today, global oil supply dropped 0.2 MMBOPD to 96.5 MMBOPD despite a production increase
The IEA sees continued pressure on oil potentially pushing prices down further In its first Oil Market Report of the year, the International Energy Agency painted a pessimistic picture for the outlook of oil prices. Even as the IEA expects 600 MBOPD of non-OPEC production to fall off during the year, “this will inevitably be largely offset by higher production
Mexico hopes to join the IEA as it continues reforming the oil and gas sector Mexican Secretary of Energy Pedro Joaquin Coldwell today presented International Energy Agency (IEA) Executive Director Fatih Birol with an official letter declaring Mexico’s interest in becoming an IEA member. The declaration of interest is the latest step in Mexico’s ongoing process of reforming its oil
The IEA’s monthly report places demand growth down from its five-year 2015 high The International Energy Agency (IEA) released its monthly report today, saying it expects global demand growth for oil to slow to 1.2 million barrels of oil per day in 2016. Demand growth in 2015 reached a five-year high of 1.8 MMBOPD, but momentum will ease towards its
Short-term prices likely to remain low Both the Energy Information Administration (EIA) and International Energy Agency (IEA) released their most recent pricing outlooks for the energy markets today, giving a glimpse into what two of the most widely followed energy agencies see as the future of energy markets. The EIA’s Short Term Energy Outlook (STEO) forecasts prices out through 2016,
Production growth nearly flat Month-over-month production growth was nearly flat from August to September, according to the International Energy Agency’s (IEA) September Oil Market Report. World oil supply held steady near 96.6 MMBOPD as lower non-OPEC production was offset by a slight increase in OPEC crude. OPEC crude supply rose by 90 MBOPD in September to 31.72 MMBOPD as record
The International Energy Agency (IEA) expects non-OPEC production to drop by nearly 500 MBOPD in 2016 as a result of declining activity in the new commodity environment. The projection, made in the Agency’s Oil Market Report for September, reinforces a Citigroup forecast earlier in the week that said United States volumes alone could fall by as much as 500 MBOPD by
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
Weaker than expected demand in Asia prompts agency to lower future growth expectations The International Energy Agency (IEA) revised down its expectations for natural gas global demand growth to 2% from 2.3% a year ago in it its latest Medium-Term Gas Market Report. One of the main drivers behind the revision was lower than expected gas demand in Asia, said
United States oil production and its diminishing storage capacity may lead to another drop in oil prices, according the International Energy Agency’s (IEA) Oil Market Report for March 2015. The Agency revised its oil demand outlook upward, but the increase was offset by a similar revision on the production side. U.S. production is expected to average 12.56 MMBOEPD in 2015,
CRUDE OIL INVENTORY/’000 bbls (Week Ended 10/5/12) Current: 366,370 Actual Build/(Withdrawal): 1,672 Economist Average Estimate: 773 Previous: 364,698 Click here for the chart with five year averages. CRUDE OIL IN THE MEDIA *Continental Resources says Oklahoma discovery may add 1.8 billion barrels – Tulsa World Continental Resources Inc. says a shale-oil discovery in Oklahoma may add the equivalent of 1.8 billion
