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Fuel report
May 2017
Oil Market Report - May 2017
…refinery closures in the Middle East, underperformance in Latin America and flat growth in India are not offset by growth in China and Russia. Highlights Weakness in a number of previously solid countries - India, US, Germany and Turkey - curtailed the 1H17 global demand growth estimate by 115 kb/d. Global demand growth is, however, still forecast at 1.3 mb/d in 2017, with demand at 97.9 mb/d.Global oil supply fell by 140 kb/d in April as non-OPEC, and especially Canada, pumped less. At 96.17 mb/d, output stood 90 kb/d below a year ago, even as non-OPEC returned…
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Fuel report
Oct 2017
Oil Market Report - October 2017
…Following very strong year-on-year demand growth of 2.2 mb/d in 2Q17, the pace slowed to 1.2 mb/d in 3Q17, reflecting relatively weak July and August data and the impact of hurricanes in September. Our forecast of global demand growth remains unchanged at 1.6 mb/d in 2017 (or 1.6%) and 1.4 mb/d in 2018 (or 1.4%).Global oil supply rose 90 kb/d in September to 97.5 mb/d as non-OPEC output edged higher. Output stands 620 kb/d higher than last year. In 2017, non-OPEC supplies are expected to grow by 0.7 mb/d…
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Fuel report
Jun 2017
Oil Market Report - June 2017
…Although global growth was only 0.9 mb/d in 1Q17, it accelerates in 2H17 and for the year as a whole our outlook remains unchanged at 1.3 mb/d. In 2018, growth increases modestly to 1.4 mb/d as demand reaches a record 99.3 mb/d.Global oil supply rose by 585 kb/d in May to 96.69 mb/d as both OPEC and non-OPEC countries produced more. Output stood 1.25 mb/d above a year ago, the highest annual increase since February 2016. Gains were dominated by non-OPEC, particularly the US.OPEC crude output rose by 290 kb/d in…
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Fuel report
Nov 2017
Oil Market Report - November 2017
…Oil product markets weakened relative to crude following the return of US refineries to higher throughput levels.For 4Q17, our refining throughput forecast is revised marginally lower to 80.8 mb/d, but refined product inventories are forecast to build as demand seasonally slows down. Relatively robust refining activity level continues into January and February 2018, with runs forecast to grow 1.1 mb/d y-o-y.Our analysis of global oil balances implies oversupplied crude oil markets in 4Q17 and 1Q18. While refined product inventories are also forecast to increase, the main oil stock draws are expected from increased seasonal demand…
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Fuel report
Feb 2017
Oil Market Report - February 2017
…where higher prices are fuelling increased investments in US LTO activity and long lead-time projects are coming on stream in Brazil and Canada.OECD total oil stocks fell nearly 800 kb/d in 4Q16, the largest fall in three years.End-December inventories were below 3 000 mb for the first time since December 2015. Stocks continued to build in China and other emerging economies and volumes of oil at sea also increased.Front-month Brent futures gained by a modest $0.59/bbl to $55.51/bbl in January as traders awaited news of OPEC cuts. The Brent…
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Country report
Nov 2017
World Energy Outlook 2017: China
…By 2040, electricity becomes the leading source of final energy consumption in China, overtaking coal in the late 2020s, and oil shortly thereafter. Natural gas demand rises to over 600 billion cubic metres (bcm) by 2040, making China the second-largest market globally behind the United States and the largest source of global gas demand growth: the share of gas in China’s primary energy mix rises from under 6% to over 12% during this period.Meanwhile, as output from coal-fired power plants flattens out and the use of coal in heavy industrial sectors and for residential heat goes…
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Country report
Apr 2017
Cleaner Coal in China
The People’s Republic of China’s rapid economic growth has aroused intense interest around the world. Policy makers, industrialists, investors, environmentalists, researchers and others want to better understand the issues that this populous nation faces as it further develops an already thriving economy largely fuelled by coal. This study sheds light on the Chinese coal supply and transformation sectors. China’s coal, mined locally and available at a relatively low cost, has brought enormous benefits to energy consumers in China and to those outside the country who enjoy the products of its coal-based economy. Yet from another perspective…
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Country report
Oct 2017
Prospects for Distributed Energy Systems in China
Industrial restructuring and diversification of energy demand are accelerating in the People’s Republic of China. In addition, driven by resource and environmental constraints, as well as pressure to reduce carbon emissions, China’s primary energy consumption structure is expected to shift in coming decades. This transition is an opportunity for the increased adoption of distributed energy systems. Against this background, it is timely to take stock of what distributed energy means in the 21st century, where its application in China stands today and what its future prospects are.This report aims to provide a step in this direction; it…
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Country report
Dec 2017
District Energy Systems in China
The People's Republic of China’s district heat network is the world’s largest. In 2015, it consumed more energy than the entire United Kingdom. While progress is being made, the total impact of energy use and emissions from district heating and even district cooling – on the Chinese economy, on local air quality and health, and on the overall well-being of China’s population – is nevertheless significant. China has great opportunities of lowering the environmental footprint of its district energy system. While the country has pursued assertive public policy decisions in recent years, it is essential to elevate…