IEA says trade tensions weigh on oil demand, warns of supply surplus
1 week, 3 days ago

IEA says trade tensions weigh on oil demand, warns of supply surplus

Live Mint  

The International Energy Agency said the macroeconomic conditions underpinning its oil-demand projections have worsened over the past month due to global trade tensions, and that it sees a bigger-than-anticipated supply surplus if OPEC+ raises output beyond April. But the agency’s projections remain substantially lower than OPEC’s, as the cartel currently expects demand to grow by 1.45 million barrels a day. The agency said it now estimates an overhang of around 600,000 barrels a day–higher than last month’s projections–and that an additional 400,000 barrels a day could be added to the market if OPEC+ proceeds to raise output beyond April and compliance among over-producing members continues to be weak. OPEC+ crude supply rose by 210,000 barrels a day in February, while production from OPEC’s 12 members increased by 40,000 barrels a day, according to the agency’s estimates. Venezuelan supply is instead expected to decline from April when Chevron’s license to operate the country expires, and its crude output estimate for the year was lowered by 190,000 barrels a day.

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History of this topic

IEA slightly lifts oil demand outlook, says supply surplus narrowing
1 month, 1 week ago

IEA slightly lifts oil demand outlook, says supply surplus narrowing

Live Mint  

The International Energy Agency modestly raised its forecast for global oil-demand growth and said improved compliance with output quotas among members of the OPEC+ alliance is reducing a projected supply surplus in the market. The Paris-based organization now estimates global demand to grow by 1.1 million barrels a day this year from 1.05 million barrels a day previously, reaching a …

OPEC sticks to oil-demand view, flags US trade policy risks
1 month, 1 week ago

OPEC sticks to oil-demand view, flags US trade policy risks

Live Mint  

The Organization of the Petroleum Exporting Countries stuck to its oil-demand forecast after reaffirming plans to gradually hike output from April, but said U.S. President Trump’s trade policy is injecting a dose of uncertainty into markets. OPEC still expects demand to grow by 1.45 million barrels a day this year and 1.43 million barrels a day the next, with strong …

OPEC sticks to oil-demand view
2 months, 1 week ago

OPEC sticks to oil-demand view

Live Mint  

OPEC’s overall forecast remains significantly more optimistic than others in the industry. The Vienna-based cartel still expects demand to grow by 1.45 million barrels a day this year and forecast growth of 1.43 million barrels a day the next, driven by transportation fuels. The group’s overall forecast remains significantly more optimistic than others in the industry, with the International Energy …

IEA lifts 2025 oil-demand forecast but expects growth to remain subdued
3 months, 1 week ago

IEA lifts 2025 oil-demand forecast but expects growth to remain subdued

Live Mint  

aThe International Energy Agency lifted next year’s oil-demand estimates citing the impact of China’s stimulus measures, but said the pace of growth is expected to remain subdued. Both forecasts are considerably lower than last year’s growth of more than 2 million barrels a day, reflecting a weaker macroeconomic environment and shifts in oil consumption. The agency’s projections also remain substantially …

Morgan Stanley, HSBC slash crude oil supply forecast; Brent average pegged near $70 for 2025 after OPEC+ verdict
3 months, 2 weeks ago

Morgan Stanley, HSBC slash crude oil supply forecast; Brent average pegged near $70 for 2025 after OPEC+ verdict

Live Mint  

OPEC+ verdict: Leading global investment bankers Morgan Stanley and HSBC revised down their expectations for an oil market surplus next year and forecast a Brent crude price of $70 per barrel, following a decision by the Organisation of Petroleum Exporting Countries to delay and slow plans for a higher crude output. Brent crude average, oil supply forecasts for 2025 According …

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline
3 months, 2 weeks ago

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The OPEC+ alliance of oil …

Key members of OPEC+ alliance are putting off production increases amid slack crude prices
3 months, 2 weeks ago

Key members of OPEC+ alliance are putting off production increases amid slack crude prices

Associated Press  

FRANKFURT, Germany — Eight members of the OPEC+ alliance of oil exporting countries decided Thursday to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries — factors that could keep oil prices stagnant into next year. Oil prices have been slack due to weaker than expected demand from China as well …

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight
3 months, 2 weeks ago

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight

Live Mint  

-- Oil steadied after a decline, with traders looking ahead to an OPEC meeting on Thursday that’s expected to see the cartel again defer a move to revive output in an already well-supplied market. While commercial stockpiles shrank more than 5 million barrels for the biggest weekly drop since August, nationwide oil production hit a record in a reminder of …

Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71
4 months, 1 week 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?
4 months, 1 week 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
4 months, 1 week 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 …

Oil Prices Rise as Middle East War Rages, but China's Demand Remains a Key Factor
5 months ago

Oil Prices Rise as Middle East War Rages, but China's Demand Remains a Key Factor

Live Mint  

Oil prices remain volatile as the Middle East war rages on, with Brent crude futures settling higher for the second consecutive session. China's recent efforts to stimulate its economy are expected to have a positive impact on oil demand, but it may take some time for the stimulus efforts to filter through to oil demand. Global oil inventories point to …

Russian deputy PM says global oil market will be balanced from second half of 2024
8 months, 1 week 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 …

Oil countries predict an oversupply of gasoline by 2030 – driving down prices at US pumps
9 months, 1 week ago

Oil countries predict an oversupply of gasoline by 2030 – driving down prices at US pumps

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Good news for drivers, …

OPEC still sees strengthening oil demand in emerging markets, plans supply hike
9 months, 1 week 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 …

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast
11 months, 1 week ago

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast

Live Mint  

The Organization of the Petroleum Exporting Countries left its estimates for global oil-demand growth unchanged, but lowered its forecast for non-OPEC supply growth for this year and next. The group cut its non-OPEC supply growth forecast to 1 million barrels a day for 2024 from 1.1 million barrels a day previously, saying the main drivers of growth are expected to …

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

Global oil demand to grow amid Red Sea shipping disruptions: IEA
1 year ago

Global oil demand to grow amid Red Sea shipping disruptions: IEA

Al Jazeera  

The International Energy Agency says shipping disruptions provide a short-term boost to the oil market with demand at 1.3 million barrels per day. Global oil demand is forecast to grow more than expected due to the rising fuel needs of ships rerouted away from the Red Sea amid attacks by Yemen’s Houthi rebels and a brighter economic outlook in the …

OPEC Holds Oil Demand View Steady, Raises 2024 Economic Forecast
1 year ago

OPEC Holds Oil Demand View Steady, Raises 2024 Economic Forecast

Live Mint  

The Organization of the Petroleum Exporting Countries left its estimates for global oil-demand growth unchanged, but raised its economic forecast for this year further amid falling inflation and anticipated interest-rate cuts. In its monthly report, the Vienna-based cartel said it continues to expect oil demand to grow by 2.2 million barrels a day this year and by 1.8 million barrels …

India oil product demand up 8.2% in January, says report
1 year, 1 month 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
1 year, 1 month 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 …

India’s petrochemical exports to face tough global competition: IEA official
1 year, 1 month ago

India’s petrochemical exports to face tough global competition: IEA official

Live Mint  

As India plans to boost its oil refining and petrochemicals capacity, its petrochemical exports are expected to face tough competition globally with increasing Chinese capacity already creating pressure in the global markets, said Toril Bosoni, head of oil industry and markets division, International Energy Agency. In its report, the IEA said that India's oil demand will reach 1.2 million barrels …

‘Oil markets well supplied’, says IEA as it raises 2024 global demand forecast; projects lower than OPEC
1 year, 2 months 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, 3 months 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, 5 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’s Aug oil demand up by 2.5%, 2023 growth revised lower to 239,000/bbl
1 year, 6 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 …

Oil prices remain steady as high inventories balance US debt bill development
1 year, 9 months ago

Oil prices remain steady as high inventories balance US debt bill development

Live Mint  

Oil prices held steady on Thursday as news of rising inventories in the largest oil consumer in the world overshadowed likely pauses in US interest rate hikes and the passage of the crucial vote on the US debt ceiling bill. While US West Texas Intermediate crude declined by 16 cents, or 0.23%, to $67.93, Brent crude futures dropped 17 cents, …

China’s Demand for Oil Hits Record as IEA Raises Global Forecasts
1 year, 10 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, 10 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, 10 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, …

OPEC+ makes over 1 million-barrel oil production cut - Here’s a detailed list
1 year, 11 months ago

OPEC+ makes over 1 million-barrel oil production cut - Here’s a detailed list

Live Mint  

OPEC+ announced a surprise oil production cut on Sunday, ignoring previous assurances that it would hold supply steady to maintain a stable market. The reduction is slated to exceed 1 million barrels a day, and according to analysts, may mean a rise in global oil prices by $10 per barrel. Meanwhile, war-hit Russia has said that it would continue the …

OPEC cuts oil demand outlook as it starts to curb production
2 years, 4 months 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, 4 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 …

OPEC agrees to produce slightly more oil as recession fears loom
2 years, 7 months ago

OPEC agrees to produce slightly more oil as recession fears loom

CNN  

London CNN Business — The world’s oil-exporting countries have agreed to a tiny increase in output next month amid fears that a global recession will crimp demand. Brent crude and West Texas Intermediate crude — the North American benchmark — both rose initially on Wednesday after OPEC’s announcement, as oil investors expected a bigger increase in production. “As a production …

OPEC+ agrees on bigger oil-output hikes for coming months
2 years, 9 months ago

OPEC+ agrees on bigger oil-output hikes for coming months

Al Jazeera  

The group has finally bowed to months of pressure from major consumers to help ease the pain of high energy prices. OPEC+ will increase the size of its oil-supply hikes by about 50%, bowing to months of pressure from major consumers including the US to help ease the pain of high energy prices. The group, led by Saudi Arabia, has …

OPEC fails to boost output as members face capacity woes
2 years, 10 months ago

OPEC fails to boost output as members face capacity woes

Al Jazeera  

Even group leader Saudi Arabia didn’t increase output by as much as permitted by the agreed quota. The OPEC cartel — which has struggled for many months to revive oil supplies halted during the pandemic — effectively failed to increase output at all last month, as members remained plagued by capacity constraints. While Iraq bolstered output by 170,000 barrels a …

Nations to release millions of barrels of oil amid war
2 years, 11 months ago

Nations to release millions of barrels of oil amid war

Associated Press  

PARIS — The International Energy Agency said Thursday that its member countries are releasing 60 million barrels of oil from their emergency reserves on top of previous U.S. pledges to take aim at energy prices that have soared since Russia invaded Ukraine. The releases show “the determination of member countries to protect the global economy from the social and economic …

Nations to release millions of barrels of oil amid war
2 years, 11 months ago

Nations to release millions of barrels of oil amid war

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The International Energy Agency said …

India's oil imports from US to rise by 11% amid criticism over Russia purchase
3 years ago

India's oil imports from US to rise by 11% amid criticism over Russia purchase

Hindustan Times  

India's oil imports from the United States will rise by 11 per cent this year, officials told Reuters as the country looks to secure supplies from around the world, including heavily sanctioned Russia. AP/PTI India is also looking to Russia; Indian Oil Corp has ordered three million barrels and Hindustan Petroleum Corp has booked two million barrels, Reuters said. Oil …

Nations agree to release 60M barrels of oil amid Russian war
3 years ago

Nations agree to release 60M barrels of oil amid Russian war

Associated Press  

FRANKFURT, Germany — The International Energy Agency’s 31 member countries agreed Tuesday to release 60 million barrels of oil from their strategic reserves — half of that from the United States — “to send a strong message to oil markets” that supplies won’t fall short after the Russian invasion of Ukraine. “Global energy security is under threat, putting the world …

U.S., other nations agree to release 60 million barrels of oil to ease prices amid Russian war
3 years ago

U.S., other nations agree to release 60 million barrels of oil to ease prices amid Russian war

LA Times  

Russia plays an outsized role in global energy markets as the third-largest oil producer. Its exports of 5 million barrels of crude per day amount to about 12% of the global oil trade. All 31 member countries of the International Energy Agency have agreed to release 60 million barrels of oil from their strategic reserves — half of that from …

Key energy agencies diverge as demand and oil prices climb
3 years, 1 month 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 …

Caution from OPEC+ producers to keep oil prices high
3 years, 1 month ago

Caution from OPEC+ producers to keep oil prices high

Associated Press  

FRANKFURT, Germany — Oil cartel OPEC and allied producing countries are sticking with cautious increases in the amount of oil they send to the global economy, a decision likely to support prices that are near seven-year highs amid fears of a Russian military move against Ukraine. The move comes as oil prices hover near their highest levels since 2014, pushing …

Oil prices: OPEC and Russia stick with plans to increase oil output in January
3 years, 3 months ago

Oil prices: OPEC and Russia stick with plans to increase oil output in January

CNN  

London CNN Business — Saudi Arabia, Russia and other leading oil producers have decided to stick with plans to increase supply in January despite a recent plunge in prices driven by fears of a new glut. Brent crude futures, the global benchmark, had soared about 70% since the beginning of the year, but began falling in November when the United …

Fighting gas prices, US to release 50 million barrels of oil
3 years, 3 months ago

Fighting gas prices, US to release 50 million barrels of oil

Associated Press  

WASHINGTON — President Joe Biden on Tuesday ordered a record 50 million barrels of oil released from America’s strategic reserve, aiming to bring down gasoline and other costs, in coordination with other major energy consuming nations including India, the United Kingdom and China. “So once it is stopped, then if demand continues to be above supply like it is right …

U.S. to release 50 million barrels of oil to ease energy costs
3 years, 4 months ago

U.S. to release 50 million barrels of oil to ease energy costs

The Hindu  

United States President Joe Biden on Tuesday ordered 50 million barrels of oil released from the strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including China, India, and the United Kingdom. “As we come out of an unprecedented global economic shutdown, oil supply has not kept up with demand, forcing working families …

U.S. to release 50 million barrels of oil to ease energy costs
3 years, 4 months ago

U.S. to release 50 million barrels of oil to ease energy costs

LA Times  

Storage tanks are shown at a refinery in Detroit. President Biden on Tuesday ordered 50 million barrels of oil released from the strategic reserve to help bring down energy costs, in coordination with other major energy-consuming nations, including China, India and the United Kingdom. “As we come out of an unprecedented global economic shutdown, oil supply has not kept up …

OPEC long-term outlook with crude at 3-year highs: rosy
3 years, 5 months ago

OPEC long-term outlook with crude at 3-year highs: rosy

Associated Press  

FRANKFURT, Germany — While acknowledging the inevitable advance of alternative energy sources and technology, OPEC said that oil would be the leading energy source for decades to come as crude prices reached three-year highs Tuesday. “What is clear in this year’s WOO is that energy and oil demand have picked up significantly in 2021, after the massive drop in 2020, …

IEA sees COVID blow to oil demand in 2021, surplus in 2022
3 years, 7 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 …

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