IEA sees COVID blow to oil demand in 2021, surplus in 2022
3 years, 4 months ago

IEA sees COVID blow to oil demand in 2021, surplus in 2022

Al Jazeera  

The International Energy Agency’s latest report says that global oil demand growth ‘abruptly reversed course in July’ due to the worsening coronavirus pandemic. The IEA now sees global oil demand rising by 5.3 million barrels per day on average to 96.2 million bpd this year, and by a further 3.2 million bpd in 2022. It wasn’t just OPEC+ members that increased oil production: producers outside of the cartel increased their output by 600,000 barrels per day this year, and their supply is “expected to rise by 1.7 million barrels per day in 2022, with the US accounting for 60 percent of the growth”, the IEA found. The IEA noted the disconnect between increased demand and concerns about the variant in its latest report, writing that the crude price rally seen in the second quarter of this year “lost steam in July on fears that new COVID-19 Delta cases and weaker economic indicators could slow the oil demand recovery just as more supply hit the market”.

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History of this topic

Oil rises from two-month highs on optimism ove
1 week ago

Oil rises from two-month highs on optimism ove

Live Mint  

By Florence Tan SINGAPORE - Oil prices extended their gains on Friday after closing at their highest in more than two months in the previous session on hopes governments across the world may increase policy support to revive economic growth that would lift fuel demand. Factory activity in Asia, Europe and the U.S. ended 2024 on a soft note as …

'No surprises': OPEC+ considers extending supply cuts, likely to push output hike till next meeting
Trending News
1 month ago

'No surprises': OPEC+ considers extending supply cuts, likely to push output hike till next meeting

Firstpost  

OPEC+ members are holding back 5.86 million barrels per day of output, or about 5.7% of global demand, in a series of steps agreed since 2022 to support the market OPEC+ will delay its plan to raise oil output, currently set to start in January, during its online meeting on Thursday, an OPEC+ source told Reuters, to provide additional support …

Asia’s November crude oil imports nudge higher, still heading for annual fall: Russell
1 month, 1 week ago

Asia’s November crude oil imports nudge higher, still heading for annual fall: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, Nov 28 - Asia's imports of crude oil ticked up slightly in November, led by a recovery by top importer China, but arrivals are still on track to be weaker this year than in 2023. For the first 11 months of the year, Asia's crude imports were 26.52 million bpd, down 370,000 bpd from the …

China’s surplus crude oil eased in October, but this is still bearish: Russell
1 month, 3 weeks ago

China’s surplus crude oil eased in October, but this is still bearish: Russell

Live Mint  

By Clyde Russell SYDNEY, Nov 18 - China's crude oil surplus nearly halved in October, but this was a further sign of weakness as both imports and refinery runs dipped. But there is also a structural shift underway in China's crude oil demand, with the rapid uptake of what Beijing terms new energy vehicles, which include full electric vehicles and …

Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71
1 month, 3 weeks ago

Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71

Live Mint  

International crude oil prices settled down more than two per cent in the previous session as investors fretted about weaker Chinese oil demand and a potential slowing in the pace of US Federal Reserve interest rate cuts after the latest macroeconomic data. Back home, crude oil futures settled 1.86 per cent lower at ₹5,660 per barrel on the multi commodity …

China's weak oil demand may lead to global surplus of 1 mn barrels: How would crude prices react?
1 month, 3 weeks ago

China's weak oil demand may lead to global surplus of 1 mn barrels: How would crude prices react?

Firstpost  

The surplus could provide a buffer for prices against potential supply-side price shocks from conflicts in West Asia and other regions Low oil demand from China, supply-side shocks due to the conflict in West Asia, and increase in oil production by countries like US and Brazil are all important factors in determining crude oil price. The IEA forecasts that global …

IEA lifts 2024 oil demand forecast but trims 2025 projections
1 month, 3 weeks ago

IEA lifts 2024 oil demand forecast but trims 2025 projections

Live Mint  

The International Energy Agency lifted its forecast for this year’s oil-demand growth but slightly trimmed next year’s estimates, citing the impact of China’s economic slowdown on consumption. “China’s marked slowdown has been the main drag on demand, with its growth this year expected to average just a tenth of the 1.4 million barrels a day increase in 2023," the IEA …

Russian deputy PM says global oil market will be balanced from second half of 2024
5 months, 3 weeks ago

Russian deputy PM says global oil market will be balanced from second half of 2024

The Hindu  

Russian Deputy Prime Minister Alexander Novak said on Monday the global oil market will be balanced in the second half of the year and thereafter, thanks to the OPEC+ deal on production supply. OPEC+, which groups the Organization of the Petroleum Exporting countries and allies such as Russia, has implemented a series of output cuts since late 2022 to support …

US oil output, demand rose in April to four-month high, EIA says
6 months, 1 week ago

US oil output, demand rose in April to four-month high, EIA says

Live Mint  

NEW YORK, June 28 - U.S. oil production and demand rose to a four-month high in April, according to the Energy Information Administration's Petroleum Supply Monthly report published on Friday. Total U.S. field production of crude oil rose by 72,000 barrels per day month-over-month to 13.25 million bpd, the highest since December. Product supplied of crude oil and petroleum products, …

OPEC still sees strengthening oil demand in emerging markets, plans supply hike
6 months, 4 weeks ago

OPEC still sees strengthening oil demand in emerging markets, plans supply hike

Hindustan Times  

OPEC has maintained its forecast that oil demand worldwide is strengthening for the second half of the year, due to which, supply would be hiked, Bloomberg reported. Representational World oil consumption will see a year-on-year increase of 2.3 million barrels a day in the second half, about 150,000 a day more than during the first, due to continued economic growth …

Oil holds near 4-month high, logs 3% weekly gain on IEA demand forecast, Ukraine attack; Brent at $83/bbl
9 months, 3 weeks ago

Oil holds near 4-month high, logs 3% weekly gain on IEA demand forecast, Ukraine attack; Brent at $83/bbl

Live Mint  

Oil prices declined on Friday, March 16, a day after topping the $85 per barrel-mark for the first time since November, but prices settled almost three per cent higher for the week on higher demand from US refiners and the oil demand projections for 2024 by the International Energy Agency. Coming to domestic prices, crude oil futures last settled 0.15 …

India oil product demand up 8.2% in January, says report
10 months, 3 weeks ago

India oil product demand up 8.2% in January, says report

Live Mint  

New Delhi: India's demand for oil products saw a significant increase of 398,000 barrels per day, or 8.2%, year-on-year in January, according to a report by S&P Global Commodity Insights. LPG and gasoline demand saw the highest growth in January, driven by increased heating needs during the winter and a rise in mobility following year-end holidays, respectively. In January, jet …

Higher global oil supply set to satisfy demand increase, IEA says
10 months, 3 weeks ago

Higher global oil supply set to satisfy demand increase, IEA says

Live Mint  

Global oil demand is expected to grow at a significantly weaker pace this year, while soaring output from the Americas will help boost supply despite output curbs from OPEC and its allies, the International Energy Agency said. On Wednesday, the Organization of the Petroleum Exporting Countries reiterated that it anticipates global oil-demand growth at 2.2 million barrels a day this …

‘Oil markets well supplied’, says IEA as it raises 2024 global demand forecast; projects lower than OPEC
11 months, 3 weeks ago

‘Oil markets well supplied’, says IEA as it raises 2024 global demand forecast; projects lower than OPEC

Live Mint  

The International Energy Agency has again raised its global oil demand growth forecast for 2024. With the conflict in the Middle East raising concerns over supply, the IEA said that - barring significant disruptions to flows - the market looked reasonably well supplied in 2024 and a surplus could emerge if OPEC and its allies unwind output cuts as scheduled …

OPEC+ to announce oil output policy decision on November 30: What’s on agenda?
1 year, 1 month ago

OPEC+ to announce oil output policy decision on November 30: What’s on agenda?

Live Mint  

The Organization of the Petroleum Exporting Countries and allies including Russia or OPEC+ will hold its ministerial meeting on Thursday, November 30 to announce the oil output supply decision for 2024. Saudi Arabia, Russia and other members of OPEC+ have already pledged total oil output cuts of about 5 million barrels per day, about 5 per cent of daily global …

Brent inches 1% higher to $86/bbl as OPEC sticks to 2024 oil demand, IEA downgrades on macro concerns
1 year, 2 months ago

Brent inches 1% higher to $86/bbl as OPEC sticks to 2024 oil demand, IEA downgrades on macro concerns

Live Mint  

OPEC stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs of a resilient world economy so far this year and expected further demand gains in China. The Organisation of Petroleum Exporting Countries has stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs …

India tells OPEC it must be sensitive to needs of oil consuming nations
1 year, 3 months ago

India tells OPEC it must be sensitive to needs of oil consuming nations

Live Mint  

New Delhi: With oil prices on the boil, union petroleum and natural gas minister Hardeep Singh Puri has asked the Organisation of the Petroleum Exporting Countries to be sensitive to the needs of oil-consuming nations and curb output cuts. In another tweet, the minister wrote, "During the pandemic, when crude oil prices crashed, the world came together to stabilize the …

India’s Aug oil demand up by 2.5%, 2023 growth revised lower to 239,000/bbl
1 year, 3 months ago

India’s Aug oil demand up by 2.5%, 2023 growth revised lower to 239,000/bbl

Live Mint  

India's oil products demand increased by 118,000 barrels per day on a month on month basis in August as below-average rainfall and uneven distribution led to strong factory activity and increased mobility, according to a report by S&P Global Commodity Insights. On a year-on-year basis, the oil demand was up by 270,000 barrels per day, or 6 per cent, over …

Saudi to likely roll over output cut into Oct: What lies ahead for oil prices?
1 year, 4 months ago

Saudi to likely roll over output cut into Oct: What lies ahead for oil prices?

Live Mint  

Saudi Arabia will likely roll over the voluntary oil cut of 1 million barrels per day for a third consecutive month into October amid uncertainty about supplies and as the kingdom targets pulling down global inventories further, according to analysts quoted in a report by news agency Reuters. Brent oil prices in July were up 14 per cent on the …

Is the decline of oil in sight?
1 year, 5 months ago

Is the decline of oil in sight?

BBC  

Is the decline of oil in sight? The single biggest thing that we have to do to mitigate climate change is to stop burning fossil fuels – Krista Halttunen "We think that peak will be before the end of the decade, but just after 2028, so 2029 or 2030, most likely," says Ciarán Healy, an IEA oil market analyst and …

JPMorgan cuts oil price outlook to $81 per barrel for 2023 on supply concerns
1 year, 6 months ago

JPMorgan cuts oil price outlook to $81 per barrel for 2023 on supply concerns

Live Mint  

JPMorgan has cut its oil price forecasts for this year and 2024 as it sees the global supply growth offsetting a record rise in demand, while inventory build-up lowers the risk of price spikes. JPMorgan sees global oil supply growing by 2.2 million barrels per day in 2023, surpassing projected demand growth of 1.6 million bpd. "It is becoming increasingly …

Oil Prices Slide on Economic Concerns Despite Saudi Output Reduction
1 year, 7 months ago

Oil Prices Slide on Economic Concerns Despite Saudi Output Reduction

News 18  

Oil prices eased on Tuesday as worries sluggish global economic growth could reduce energy demand outweighed Saudi Arabia’s pledge to deepen output cuts. Both crude benchmarks climbed higher for a third day in a row on Monday after Saudi Arabia, the world’s top exporter, said over the weekend that its output would drop by 1 million barrels per day to …

OPEC+ begins meetings that may agree further output cuts
1 year, 7 months ago

OPEC+ begins meetings that may agree further output cuts

The Hindu  

OPEC and its allies began two days of meetings on June 3 that may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the group faces flagging oil prices and a looming supply glut. "This number is premature, we didn’t go into these things," Iraq's oil minister Hayan Abdel-Ghani said …

China’s Demand for Oil Hits Record as IEA Raises Global Forecasts
1 year, 7 months ago

China’s Demand for Oil Hits Record as IEA Raises Global Forecasts

Live Mint  

China’s insatiable demand for oil is growing at a faster-than-expected pace, threatening to tighten crude markets and send oil prices higher as supplies struggle to keep up, the International Energy Agency said. In its closely watched monthly oil market report, the IEA raised its forecast for global oil demand growth this year by 200,000 barrels a day, to 2.2 million …

Oil heads for fourth weekly decline on demand growth concerns in US, China
1 year, 7 months ago

Oil heads for fourth weekly decline on demand growth concerns in US, China

Live Mint  

Oil prices declined on May 12, heading for a fourth weekly drop, as renewed economic concerns in the United States and China weighed on demand growth in the near-term, a potential trigger for greater volatility in oil markets. The US Federal Reserve may need to raise interest rates again in its next meeting as the inflation data so far has …

Oil Prices Today: Oil edges lower in cautious trade ahead of US inflation data
1 year, 8 months ago

Oil Prices Today: Oil edges lower in cautious trade ahead of US inflation data

Live Mint  

Oil prices edged lower on May 9, relinquishing some of the strong gains of the previous two sessions amid cautious trading ahead of US inflation data for April, which will be key to the Federal Reserve's next interest rate decision. The oil cartel last cut crude output in April with an aim to provide market stability, as per Saudi Arabia, …

Russia to stick to oil output cut of 500,000 bpd till end of 2023: Deputy PM
1 year, 8 months ago

Russia to stick to oil output cut of 500,000 bpd till end of 2023: Deputy PM

Live Mint  

Russia's Deputy Prime Minister Alexander Novak announced on May 4 that Russia is abiding by its voluntary pledge to cut oil output by 500,000 barrels per day from February until the end of the year. "Taking into account the unfounded speculation in the press regarding oil production levels, Russia reaffirms its full commitment to and implementation of voluntary oil production …

Oil Surges As OPEC+ Surprise Output Cuts Shake Markets
1 year, 9 months ago

Oil Surges As OPEC+ Surprise Output Cuts Shake Markets

News 18  

Oil prices surged on Monday, posting the biggest daily rise in nearly a year, after a surprise announcement by OPEC+ to cut more production jolted markets. “It’s hard to buy the ‘pre-emptive’ and ‘precautionary’ reasoning – especially now, when the banking crisis had tailed off and Brent had crawled back up towards $80 from its 15-month lows earlier in March,” …

China's COVID-19 reopening set to push 2023 oil demand to new high: IEA
1 year, 11 months ago

China's COVID-19 reopening set to push 2023 oil demand to new high: IEA

The Hindu  

Weak industrial activity and mild weather helped cut oil demand by nearly a million barrels per day in the OECD developed countries in the last quarter of 2022. The lifting of COVID-19 restrictions in China is set to boost global oil demand this year to a new record high, the International Energy Agency said on Wednesday, while price cap sanctions …

OPEC cuts oil demand outlook as it starts to curb production
2 years, 1 month ago

OPEC cuts oil demand outlook as it starts to curb production

Live Mint  

OPEC reduced its forecasts for global oil demand again as the group implements production cutbacks aimed at keeping markets in balance. This means the supply cut of 2 million barrels a day agreed by the group and its allies last month -- drawing fierce criticism from US President Joe Biden -- should bring output down to levels that balance markets, …

OPEC raises long-term oil demand view, calls for investment
2 years, 2 months ago

OPEC raises long-term oil demand view, calls for investment

The Hindu  

OPEC raised its forecasts for world oil demand in the medium- and longer-term in an annual outlook released on Monday and said $12.1 trillion of investment is needed to meet this demand despite the energy transition. “However, chronic underinvestment into the global oil industry in recent years, due to industry downturns, the COVID-19 pandemic, as well as policies centred on …

Why is OPEC+ cutting oil production and what’s next?
2 years, 3 months ago

Why is OPEC+ cutting oil production and what’s next?

Al Jazeera  

The move comes ahead of the European Union embargoes on Russian energy over the Ukraine war. Abdulaziz bin Salman said the real supply cut would be about 1 million to 1.1 million bpd, a response to rising global interest rates and a weakening world economy. Swissquote analyst Ipek Ozkardeskaya warned the big cut could “backfire” on OPEC+ if investors fear …

Oil jumps more than $4 as OPEC+ weighs biggest output cut since 2020
2 years, 3 months ago

Oil jumps more than $4 as OPEC+ weighs biggest output cut since 2020

Live Mint  

Oil prices jumped more than $4 on Monday as OPEC+ considers reducing output by more than 1 million barrels per day to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic. Oil prices have tumbled for four straight months since June, as COVID-19 lockdowns in top energy consumer China hurt demand while rising …

Oil soars as OPEC+ mulls largest output cut since 2020
2 years, 3 months ago

Oil soars as OPEC+ mulls largest output cut since 2020

Al Jazeera  

The Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+, significantly halted oil production at the start of the coronavirus pandemic as economies came to a standstill. Oil prices jumped $3 a barrel on Monday as OPEC+ considered reducing output by more than one million barrels per day to buttress prices with what would be its …

India's oil demand to rise 7.7% in 2022: OPEC
2 years, 4 months ago

India's oil demand to rise 7.7% in 2022: OPEC

The Hindu  

India's demand for petroleum products such as petrol and diesel will grow by 7.73% in 2022, the fastest pace in the world, an OPEC report said. India's demand for oil products is projected to rise from 4.77 million barrels per day in 2021 to 5.14 million bpd in 2022, OPEC said in its monthly oil report. India's crude imports edged …

Oil slides on strong dollar and weaker demand outlook
2 years, 5 months ago

Oil slides on strong dollar and weaker demand outlook

The Hindu  

Oil prices fell sharply on Tuesday on a strong dollar, demand-sapping COVID-19 curbs in top crude importer China and fears of a global economic slowdown. "In the West, the combination of high energy prices and rising interest rates is fuelling concerns about a recession that would have a serious impact on oil demand," Commerzbank said. U.S. President Joe Biden will …

Key energy agencies diverge as demand and oil prices climb
2 years, 10 months ago

Key energy agencies diverge as demand and oil prices climb

Associated Press  

DUBAI, United Arab Emirates — Leaders of the world’s most consequential energy bodies gathered for a forum Wednesday to discuss the uncertain future of oil as demand rebounds and prices climb, all while a growing roster of nations pledge to transition to cleaner forms of energy. The reality is that 80% of the world’s energy needs continue to be met …

OPEC+ sticks to planned output hikes despite surging oil prices
2 years, 11 months ago

OPEC+ sticks to planned output hikes despite surging oil prices

Al Jazeera  

The Organization of the Petroleum Exporting Countries and allies has faced calls from the US and India to pump more oil. OPEC+ agreed on Wednesday to stick to moderate rises in its oil output, with the group already struggling to meet existing targets and wary of responding to calls on its strained capacity for more crude from top consumers to …

OPEC+ poised to disappoint Biden by sticking with output plan
3 years, 2 months ago

OPEC+ poised to disappoint Biden by sticking with output plan

Al Jazeera  

The US, Japan and others are urging the cartel and its allies to boost output and ease soaring energy prices. Saudi Arabia, Russia, Kuwait and Iraq have all rejected Biden’s calls and said they want to maintain the current previously agreed plan of incremental increases of 400,000 barrels per day on a monthly basis. “I’m not surprised that OPEC is …

Oil at 3-yr high, climbs above $85 a barrel on supply deficit
3 years, 2 months ago

Oil at 3-yr high, climbs above $85 a barrel on supply deficit

Live Mint  

Oil prices hit a fresh three-year high on Friday, climbing above $85 a barrel on forecasts of a supply deficit over the next few months as rocketing gas and coal prices stoke a switch to oil products. “The fact that Asian markets are content to chase prices higher at weekly highs, instead of lurking on price dips, is a strong …

Today's top economy and business news: WPI inflation eases; Sensex at a new high; IEA on energy crisis and more
3 years, 2 months ago

Today's top economy and business news: WPI inflation eases; Sensex at a new high; IEA on energy crisis and more

The Hindu  

Evening wrap: The worsening gobal energy crisis could boost oil demand by half a million barrels per day, the International Energy Agency. The country's producer price index rose 10.7% from a year earlier in September, the National Bureau of Statistics said on Thursday, the biggest rise since the bureau started compiling the data in 1996. 4:30 P.M. China's coal prices …

Oil falls more than $2 after OPEC+ producers agree to raise output
3 years, 5 months ago

Oil falls more than $2 after OPEC+ producers agree to raise output

Live Mint  

Oil prices fell sharply on Monday after OPEC+ overcame internal divisions and agreed to boost output, sparking concerns about a crude surplus as COVID-19 infections rise in many countries. OPEC+ ministers agreed on Sunday to increase oil supply from August to cool prices that this month hit their highest level in more than two years as the global economy recovers …

Oil hits new high near $75 on demand rise, falling inventories
3 years, 6 months ago

Oil hits new high near $75 on demand rise, falling inventories

Live Mint  

Oil gained for a fifth day on Wednesday, climbing towards $75 a barrel to its highest since April 2019, supported by a recovery in demand from the pandemic and a drop in US crude inventories. The American Petroleum Institute reported US crude inventories fell 8.5 million barrels, two market sources said, more than analysts forecast. "Even non-energy traders are placing …

OPEC sticks to 2021 oil demand growth forecast despite Indian COVID crisis
3 years, 7 months ago

OPEC sticks to 2021 oil demand growth forecast despite Indian COVID crisis

Live Mint  

OPEC on Tuesday stuck to its prediction of a strong recovery in world oil demand in 2021 as growth in China and the United States counters the coronavirus crisis in India, an outlook that bolsters the group's plan to gradually ease output cuts. "India is currently facing severe COVID-19-related challenges and will therefore face a negative impact on its recovery …

Oil Prices Extend Gains as Demand Outlook Offsets India Concerns
3 years, 8 months ago

Oil Prices Extend Gains as Demand Outlook Offsets India Concerns

News 18  

Oil prices extended gains on Thursday after rising 1% the previous session, as bullish forecasts on recovering demand this summer offset concerns of rising Covid-19 cases in India, Japan and Brazil. OPEC, Russia and their allies, a group known as OPEC+, stuck to their plans for a gradual easing of oil production restrictions from May to July, after OPEC raised …

OPEC+ confirms small supply hike as demand for oil rebounds
3 years, 8 months ago

OPEC+ confirms small supply hike as demand for oil rebounds

Al Jazeera  

World oil consumption will rebound by a vigorous six million barrels a day this year, according to OPEC+ estimates, though the recovery remains at risk from virus outbreaks in India and Brazil. World oil consumption will rebound by a vigorous 6 million barrels a day this year, according to OPEC+ estimates, though the recovery remains at risk from virus outbreaks …

India's Oil Demand Falls 5% in February as Record-high Prices Hinder Demand Recovery
3 years, 9 months ago

India's Oil Demand Falls 5% in February as Record-high Prices Hinder Demand Recovery

News 18  

India's fuel consumption fell for the second month in a row in February to its lowest since September as record-high prices hindered demand recovery. Crude oil suppliers group OPEC's monthly oil report on Thursday forecast a 13.6 per cent jump in India's oil demand in 2021 to 4.99 million barrels per day. India's oil demand had fallen 10.54 per cent …

Oil prices rise as investors look to higher demand seen in second half
3 years, 11 months ago

Oil prices rise as investors look to higher demand seen in second half

Live Mint  

Oil prices climbed on Tuesday as optimism that government stimulus will eventually lift global economic growth and oil demand trumped concerns that renewed Covid-19 pandemic lockdowns globally are cooling fuel consumption. Investors are upbeat about demand in China, the world's top crude oil importer, after data released on Monday showed its refinery output rose 3% to a new record in …

Opinion: Pretty soon, we may need more oil than we can produce
4 years ago

Opinion: Pretty soon, we may need more oil than we can produce

CNN  

Editor’s Note: Dan K. Eberhart is CEO of Canary, an independent oilfield services company in the United States. After 10 months of layoffs and forced consolidations sparked by pandemic-related shutdowns, higher prices would be welcome news for producers and the oilfield services companies and refiners that depend on them – not to mention the largely rural communities across Texas, Louisiana, …

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