Tag: Oil Demand
Oil demand won’t peak before 2040, despite Paris deal: IEA
IEA estimates global supply will rise to 113.6 million bpd by 2040 The International Energy Agency expects global oil consumption to peak no sooner than 2040, leaving its long-term forecasts for supply and demand unchanged despite the 2015 Paris Climate Change Agreement entering into force. The Paris accord to cut harmful emissions seeks to wean […]
Colder winter could save distillate market: Kemp
Distillate market could get a boost as La Nina winter approaches By John Kemp LONDON, May 4 (Reuters) – The warmest winter for more than 30 years reduced fuel oil demand drastically in the United States in 2015/16 and left the country heavily oversupplied with heating oil. The good news for refiners and heating oil suppliers, […]
Global deal on oil production cap is close: Russia
Oil production decision made later in March MOSCOW _ Russia says it is close to an international deal with OPEC countries to cap oil production, and that a final decision will be made at a meeting this month. Saudi Arabia, Russia, Venezuela and Qatar floated an output cap last month with the aim of boosting […]
Oil supply seen outpacing demand, capping price
Oil supply excess may reach 2 million bpd in Q1 PARIS _The International Energy Agency says oil supply is set to outpace demand this year, keeping a lid on any expected price increases. The organization, which advises countries on energy policy, said in its monthly report Tuesday that global excess supply may reach 2 million […]
Oil prices plunge and stocks hit lowest level since 2014
Oil prices down to 12-year lows NEW YORK _ Another plunge in the price of crude oil prices plunge and stocks hit lowest level since 2014oil sent stocks sharply lower on Wednesday, bringing the market to its lowest level in nearly two years. Energy companies were pummelled as the price of crude oil sank 7 […]
Head of International Energy Agency sees oil price staying low in 2016
International Energy Agency says high supply to blame for oil prices PARIS _ The head of the International Energy Agency expects oil prices to remain low next year as demand weakens and supply remains high. The price of oil fell this week to its lowest since early 2009, when the global economy was deep in […]
Qatar energy chief says oil prices have bottomed out, expects rising demand
Oil prices plunged by more than half since the summer of 2014 DOHA, Qatar – Qatar’s energy minister says he believes that oil prices have bottomed out ahead of an expected meeting of OPEC members and other oil producers later this month. Energy and Industry Minister Mohammed bin Saleh al-Sada said in a statement Sunday that rising […]
OPEC cuts its oil production forecasts for US, other non-OPEC states
OPEC lowers forecast for daily oil supply from non-member states by 72,000 barrels per day LONDON – OPEC has cut its oil production forecasts for states like the U.S. that are not members of the cartel. The group said Monday it had lowered its forecast for daily oil supply growth this year from non-member states by 72,000 […]
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