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Oil Market Report - December 2018
…d, as the impact of lower prices is offset by lower economic growth assumptions, weakening currencies and downward revisions to certain countries e.g. Venezuela.Global oil supply fell 360 kb/d month-on-month (m-o-m) in November to 101.1 mb/d due lower output in the North Sea, Canada and Russia. Cuts from January reduce non-OPEC production growth for 2019 by 415 kb/d, to 1.5 mb/d, compared with 2.4 mb/d in 2018.OPEC crude oil output rose 100 kb/d m-o-m to 33.03 mb/d in November as Saudi Arabia and the UAE reached record highs, more…
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Oil Market Report - February 2018
…in January, to 58.6 mb/d, but was 1.3 mb/d higher than a year ago. US crude output, up 1.3 mb/d year-on-year (y-o-y), will soon overtake Saudi Arabia and could catch Russia by the end of the year. Compliance with output cuts by non-OPEC countries was 85%.Global oil demand growth for 2018 has been increased slightly to 1.4 mb/d, partly due to an optimistic GDP forecast from the IMF. This is down from last year’s gain of 1.6 mb/d, as higher oil prices, shifting…
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Oil Market Report - January 2018
…drive up non-OPEC supply by 1.7 mb/d in 2018, versus last year's 0.7 mb/d increase. US crude supply will push past 10 mb/d, overtaking Saudi Arabia and rivalling Russia.OECD commercial stocks declined for the fourth consecutive month in November, by 17.9 mb, with a large fall in middle distillates. Preliminary data for December suggest a further fall of 42.7 mb.Global crude oil markets saw an exceptionally tight 4Q17 as the large draw in OECD crude stocks coincided with a decline in Chinese implied crude balances. The combined draw is estimated at 1 mb/d.Benchmark crude…
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Oil Market Report - April 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 Our forecast for global oil demand growth for 2018 is unchanged from last month's report at 1.5 mb/d. OECD demand in 1Q18 was revised up by 315 kb/d, partly due to cold weather in the US and the start-up of a petrochemical project. There are…
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Energy Efficiency 2018
Analysis and outlooks to 2040 Energy efficiency can bring significant economic, social and environmental benefits. But while energy efficiency is improving around the world, its positive impact on global energy use is overwhelmed by rising economic activity across all sectors. Efficiency can enable economic growth, reduce emissions and improve energy security. The right efficiency policies could enable the world to achieve more than 40% of the emissions cuts needed to reach its climate goals without new technology. Energy Efficiency 2018 looks at why efficiency’s massive potential remains untapped, and through the new Efficient World Scenario explores what would happen if countries maximized…
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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 - October 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 The forecast for demand growth in 2018 and 2019 has been reduced for both years by 110 kb/d to 1.3 mb/d and 1.4 mb/d, respectively. This is due to a weaker economic outlook, trade concerns, higher oil prices and a revision to Chinese data.OECD demand…
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Power Sector Reform in China
Power Sector Reform in China: an International Perspective is aimed at both those outside the People’s Republic of China who want to understand the mechanics and recent developments of China’s power sector and at those Chinese readers looking for international experiences that are relevant to the implementation of China’s current power sector reforms. The report explains many of the unique features of China’s power sector and provides the context necessary to understand both the prevailing institutional framework and the level of ambition of the ongoing reforms under “Document No 9”, the most recent effort of the…
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The Future of Petrochemicals
Towards a more sustainable chemical industry Found across a vast range of modern products, petrochemicals are part of the fabric of our societies. Clothing, tyres, digital devices, packaging, detergents and countless other everyday items are made from petrochemicals. Petrochemical feedstock accounts for 12% of global oil demand, a share that is expected to increase driven by increasing demand for plastics, fertilisers and other products. Despite its size, the sector continues to take a back seat in the global energy debate. As part of the IEA on-going examination of energy blind spots – major areas of energy demand which fail to…
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Status of Power System Transformation 2018
Across the world, change is accelerating in power systems driven by the advent of low-cost, abundant wind and solar energy, the rise of distributed energy resources and increasing digitalisation. These factors are leading to a structural shift in the way power systems are best planned and operated. In particular, they call for increased flexibility of power systems. Power system flexibility encompasses all relevant characteristics of a power system that facilitates the reliable and cost-effective management of variability and uncertainty in both supply and demand.
A lack of system flexibility can reduce the resilience of power systems, or lead…