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Oil Market Report - January 2019
…was up 2.8 mb/d on a year ago. Following annual gains of a record 2.6 mb/d in 2018, non-OPEC production growth is set to slow to 1.6 mb/d in 2019.OPEC crude oil output dropped by 590 kb/d in December, to 32.39 mb/d. Saudi Arabia cut back from record highs while Iran and Libya saw further losses. OPEC production is set to fall further in January, when new Vienna Agreement cuts take effect.Global refining throughput is estimated to have reached a record high of 84.2 mb/d in December, causing refinery margins to fall…
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Oil Market Report - October 2018
…oil production rose by 100 kb/d in September to a one-year high of 32.78 mb/d. Since May, OPEC output has increased by 735 kb/d, led by the main Gulf producers and supported by Nigeria and Libya, offsetting falls in Iran and Venezuela.Refiners are facing increased competition as capacity additions surge between now and end-2019. After increasing by 0.9 mb/d this year, refinery runs will grow by 1.3 mb/d in 2019, while refined product demand growth is only 1 mb/d.OECD commercial stocks rose 15.7 mb in August to 2 854 mb, their highest level since February…
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Oil Market Report - May 2017
…96.17 mb/d, output stood 90 kb/d below a year ago, even as non-OPEC returned to growth. Non-OPEC supply is set to increase 600 kb/d in 2017.OPEC crude production rose by 65 kb/d in April to 31.78 mb/d as higher output from Nigeria and Saudi Arabia more than offset lower flows from Libya and Iran. Crude production was down 535 kb/d compared to April 2016. Year-to-date compliance with production cuts remained robust at 96%.OECD commercial stocks decreased for a second straight month in March, by 32.9 mb (1.1 mb/d), to 3 025 mb. Product…
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Oil Market Report - May 2019
…oil stocks fell by 25.8 mb in March to 2 849 mb, more than the five-year average of 4 mb owing to counter-seasonal crude draws. In days of forward demand, stocks amount to 59.8 days, their lowest level since July 2018.ICE Brent rose to a five-month high of $74.57/bbl in late April after the end of US waivers on Iranian exports, but has since fallen by 6%. Gasoline strengthened in April ahead of the peak demand season. Cracks for other products fell due to higher crude prices. Highlights Our 2018 oil demand growth estimate has been revised down…
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Oil Market Report - September 2018
…US. Non-OPEC production will grow by 2 mb/d in 2018 and 1.8 mb/d in 2019.OPEC crude supply rose to a nine-month high of 32.63 mb/d in August. A rebound in Libya, near record Iraqi output and higher volumes from Nigeria and Saudi Arabia outweighed a substantial reduction in Iran and a further fall in Venezuela.From August's record rate of 83.5 mb/d, global crude runs decline due to maintenance before surging in December to another record high of 84.5 mb/d. US refining is booming with runs almost reaching 18 mb/d in August, while…
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Energy Policies of IEA Countries: Turkey 2016 Review
Since the last IEA review of Turkey’s energy policies, the country’s reliance on natural gas use has grown along with rising oil and gas imports, leaving the Turkish economy increasingly exposed to the volatility in oil and gas prices. Turkey aims to promote sustainable economic growth. The IEA urges the government to set a longer-term energy policy agenda for 2030. However, owing to declining global liquefied natural gas prices, Turkey now has an opportunity to reduce its single supplier dependence, build a competitive gas market, and move ahead with its plans to create a regional gas hub…
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Energy Policies of IEA Countries: Turkey 2001
Energy Policy Review Energy Policies of IEA Countries: Turkey 2001 The International Energy Agency's 2002 review of Turkey's energy policies and programmes. This edition finds that Turkey aspires to link the oil- and gas-rich Caspian area to Western markets. Several pipelines through Turkey are nearing completion. The projects could enhance diversity and security of supply in consuming countries. They could also relieve the environmental strain of heavy ship traffic through the Bosporus.
Numerous attempts have been made to open Turkey’s energy markets to competition and to ensure that energy supply grows in step with population and… -
Energy Policies of IEA Countries: Turkey 2009 Review
Energy Policy Review Energy Policies of IEA Countries: Turkey 2009 This review analyses the broad range of energy challenges facing Turkey and provides critiques and recommendations for further policy improvements. Turkey will likely see the fastest medium- to long-term growth in energy demand among the IEA member countries. It has a young and urbanising population and energy use is still comparatively low. Therefore, ensuring sufficient energy supply to a growing economy remains the government’s main energy policy concern. Turkey has also progressed significantly in all other areas of energy policy over the past few years. Large investments in…
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Energy Policies of IEA Countries: Turkey 2005
Energy Policy Review Energy Policies of IEA Countries: Turkey 2005 The International Energy Agency's review of Turkey's energy policies and programmes. Following a summary of the conclusions and recommendations, the report surveys the general energy scene and energy policy in Turkey, looks at energy and the environment, reviews efforts to enhance energy efficiency, and then examines developments related to oil, natural gas, coal, renewable energy, and electricity. The book closes with a look at Turkey's R&D efforts related to energy.
The book finds that Turkey has undertaken significant reforms to open energy markets, but needs to… -
Turkey 2021
Energy Policy Review The International Energy Agency (IEA) regularly conducts in-depth peer reviews of the energy policies of its member countries. This process supports energy policy development and encourages the exchange of international best practices and experiences.
The guiding principles of Turkish energy policy continue to be market reform and energy security. Rapid economic and population growth in the past two decades have not only driven strong growth in energy demand but also an associated increase in import dependency.
Turkey has prioritised security of energy supply as one of the central pillars of its energy strategy, including efforts to…