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Oil Market Report - June 2019
…was only 0.3 mb/d, and for 2Q19 the estimate is 1.2 mb/d. We expect higher growth in 2H19 at 1.6 mb/d.In 2020, global oil demand growth will rise to 1.4 mb/d, supported by solid non-OECD demand and petrochemicals expansion. The IMO switch will result in major changes to bunker fuel demand, sharply increasing gasoil demand from 4Q19.Non-OPEC supply growth will accelerate from 1.9 mb/d this year to 2.3 mb/d in 2020. The US leads the gains, but solid growth also comes from Brazil and Norway. In May, global oil supply eased by…
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Oil Market Report - September 2018
The IEA Oil Market Report (OMR) is one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights Global oil demand growth estimates for 2018 and 2019 are unchanged at 1.4 mb/d and 1.5 mb/d, respectively. The pace of growth slowed sharply in 2Q18, caused by weaker OECD Europe and Asia demand. US gasoline demand growth eased due to higher prices.Non-OECD demand…
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Oil Market Report - November 2018
…demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights The outlook for global oil demand growth is largely unchanged at 1.3 mb/d in 2018 and 1.4 mb/d in 2019, as a weaker economy is largely offset by lower oil prices. OECD demand is expected to increase by 355 kb/d in 2018, slowing to 285 kb/d in 2019.Oil demand is slowing in several non-OECD countries, as the impact of higher year-on-year prices is amplified by currency devaluations and slowing economic activity. Our non-OECD demand forecast…
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Oil Market Report - January 2017
…gained versus other benchmarks due to lower expected OPEC output, opening the arbitrage to Asia for Brent and WTI-linked crudes. Fuel oil was a strong performer due to supply shortages.Higher estimates for 4Q16 global refinery crude throughput - up by 160 kb/d - were partly responsible for a 260 kb/d downward revision for 1Q17. Our analysis of refined product stocks movements shows a 4Q16 build in the OECD, with the overhang in non-OECD implied refined product inventories persisting. Highlights The global demand outlook for 2016 has been raised following the release of robust preliminary 4Q16 numbers. Colder weather in northern Europe provided impetus…
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Oil Market Report - April 2019
…respectively. After a slow start to the year, OECD growth will be 0.3 mb/d, with non-OECD growing by 1.1 mb/d.Demand in China, India and the US is estimated to have grown by 1 mb/d in Jan-Feb 2019. OECD demand fell in 4Q18 for the first time since end-2014 and also in 1Q19, mainly on weaker European numbers, but it will recover, led by the US.Global oil supply dropped 340 kb/d in March, as OPEC+ cuts deepened and Venezuelan output fell sharply. At 99.2 mb/d, it was 3.1 mb/d below November 2018 and up 530 kb…
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Oil Market Report - March 2019
The IEA Oil Market Report (OMR) is one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights Global oil demand growth slowed sharply in 4Q18 to 0.95 mb/d due to lower OECD demand, which declined by 0.3 mb/d year-on-year. Large falls were seen in Europe and Asia and there was slower growth in the Americas.Our global growth estimate for…
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Oil Market Report - January 2019
…60 mb and likely finishing the year 12 mb, or 0.4%, higher than at the end of 2017.Benchmark crude oil futures prices fell to a 16-month low at the end of 2018. Since the beginning of 2019 they have gained over 10% and ICE Brent is currently close to $60/bbl. Well-supplied markets, particularly for gasoline and jet fuel, pressured crack spreads. Highlights Our estimates for global oil demand growth in 2018 and 2019 are unchanged at 1.3 mb/d and 1.4 mb/d, respectively. The impact of higher oil prices in 2018 is fading, which will help offset lower economic growth…
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Oil Market Report - June 2023
…offset a 27 mb build in OECD stocks. OECD industry stocks rose by 33.6 mb but were still 86.4 mb lower than the five-year average. Preliminary May data show a further stock build in OECD countries of 21.1 mb. North Sea Dated fell by around 10% in May compared with April amid growing concerns about the impact of hawkish central bank policies on the global economy. Attesting to oil’s bear market, the current ICE Brent future price of around $73/bbl is $50/bbl below summer 2022’s peak. Saudi Arabia’s announcement of deeper.…
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Oil Market Report - February 2019
The IEA Oil Market Report (OMR) is one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights Our global demand estimate for 2018 is unchanged. Growth in 4Q18 was robust at 1.4 mb/d y-o-y and for 2018 as a whole growth was 1.3 mb/d. China (0.44 mb/d), India (0.21 mb/d) and the US (0.54 mb/d) contributed 1.19 mb/d…
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Oil Market Report - March 2017
The IEA Oil Market Report (OMR) is one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights Having expanded by 1.6 mb/d in 2016, global oil product demand growth is expected to ease back to 1.4 mb/d in 2017. Early indicators of 1Q17 demand support this, with slowdowns seen in January in Japan, Germany, Korea and India.Global oil supplies rose 260 kb…