-
Fuel report
Nov 2017
Oil Market Report - November 2017
…$1-2/bbl in October versus September and pushed higher in early November, buoyed by tensions in the Middle East. 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…
-
Fuel report
May 2017
Oil Market Report - May 2017
…cuts. Sour grades continued to trade higher than sweet crudes.In 2Q17, global refining activity slows down seasonally, lower by 370 kb/d from 1Q17, but is set to ramp up by 2.4 mb/d by July-August. The OECD leads the way: in non-OECD areas, maintenance and 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…
-
Fuel report
Jun 2017
Oil Market Report - June 2017
…throughput growth is driven by the US and China in the East. Highlights Recent weaknesses in demand growth are likely to prove transitory, particularly in post currency-reform India. 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…
-
Fuel report
Oct 2017
Oil Market Report - October 2017
…4 mb/d from December to just under 82 mb/d.Our global crude and product balances show inventories drawing in 2017 by 0.1 mb/d and 0.2 mb/d, respectively. For next year, the crude and product markets look broadly balanced, assuming OPEC holds output steady at around current levels. Highlights 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 …
-
Fuel report
Feb 2017
Oil Market Report - February 2017
…average throughput growth to 465 kb/d. 1Q17 refinery runs are forecast to grow 200 kb/d y-o-y. Highlights Supported by strong 4Q16 numbers,the estimate for global oil demand growth for 2016 was revised up for the third consecutive month to 1.6 mb/d. Although still forecast to decelerate in 2017 to 1.4 mb/d, recent improvements in industrial activity are providing support.Global oil supplies plunged nearly 1.5 mb/d in January, with both OPEC and non-OPEC countries producing less. At 96.4 mb/d, world oil production stood 730 kb/d…
-
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…
-
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…
-
Country report
Dec 2017
District Energy Systems in China
…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 cleaner, energy-efficient district energy as a priority for action so that policy development and implementation can…
-
Country report
Apr 2017
Cleaner Coal in China
…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, China’s coal use has a high cost.
Despite progress, health and safety in the thousands of small coal mines lag far behind the standards achieved in China’s modern, large mines…