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Oil Market Report - June 2023
…are forecast to increase by 1.8 mb/d in 2023 and 1 mb/d next year when it averages 83.4 mb/d. A further decline in OECD crude runs next year is more than offset by the 1.3 mb/d increase in non-OECD activity. New capacity in Oman and Kuwait and ample availability of discounted Russian crude in Asia skews activity away from the Atlantic Basin. Refinery margins were stable in May, with gains in Atlantic Basin light distillates partially offset by weaker middle distillates.Global observed oil inventories rose by 10 mb in April as…
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Oil Market Report - May 2023
…However, weak margins mean the 2H23 runs forecast has been downgraded, most notably for Europe and the US. New capacity and ample availability of discounted Russian crude in Asia skews activity away from the Atlantic Basin.Russian exports of crude and refined oil products edged up in April to a post-invasion high of 8.3 mb/d. Shipments of crude oil increased by 250 kb/d, offsetting a decline in product exports of 200 kb/d. Estimated oil export revenues increased by $1.7 billion to $15 billion on the back of higher crude oil exports and a narrower…
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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 - May 2017
…before the OPEC output deal. They rose on 15 May after Russia and Saudi Arabia indicated support for an extension of the production 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…
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Iraq's Energy Sector: A Roadmap to a Brighter Future
…a detailed look at the country’s oil and gas sector, projecting that Iraq’s oil production will grow by 1.3 million barrels a day by 2030, becoming the world’s fourth-largest oil producer behind the United States, Saudi Arabia and Russia. Key findings Key findings Iraq remains central to future global oil supply The increase in Iraqi oil production capacity over the last decade has been impressive, yet there are a number of challenges facing the sector going forward.One impeding barrier is the availability of water, as planned oil production will require a level of water…
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Oil Market Report - December 2017
…raised by roughly 0.2 mb/d.Global oil supply rose 0.2 mb/d in November to 97.8 mb/d, the highest in a year, on the back of rising US production. Output was nonetheless down 1.1 mb/d on a year ago when Russia and Middle East OPEC producers pumped at record rates. Non-OPEC supply is set to rise by 0.6 mb/d in 2017 and 1.6 mb/d next year.OPEC crude supply fell in November for the fourth consecutive month to 32.36 mb/d, down 1.3 mb/d on a year ago. Output was lower in Saudi Arabia…
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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 - July 2018
…1H18 will see growth of close to 1.2 mb/d, accelerating to 1.6 mb/d in the second half. We expect growth of 1.4 mb/d in world oil demand in both 2018 and 2019, unchanged from last month's Report.Global oil supply rose by 370 kb/d in June mainly due to higher Saudi Arabian and Russian output as parties to the Vienna Agreement decided to achieve 100% compliance. OPEC crude production in June reached a four-month high of 31.87 mb/d. A surge from Saudi Arabia offset losses in Angola, Libya, and Venezuela.Non-OPEC output is set to expand…
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Energy Policies of IEA Countries: Canada 2009
Energy Policy Review Energy Policies of IEA Countries: Canada 2009 Canada, with its diverse and balanced portfolio of energy resources, is one of the largest producers and exporters of energy among IEA member countries. The energy sector plays an increasingly important role for the Canadian economy and for global energy security, as its abundant resource base has the potential to deliver even greater volumes of energy.
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Oil and Gas Emergency Policy: Canada 2010 update
Oil and Gas Emergency Policy: Canada 2010 update In 2007, the IEA published Oil Supply Security: Emergency Response of IEA Countries. This report provides an overview of the IEA oil emergency response system and a detailed look at the specific systems in each IEA country for responding to an oil supply crisis. The report represented the findings of a five-year review cycle of the emergency response mechanisms in IEA member countries. Since the 2007 publication, the IEA has started a new cycle of reviews which now includes reviewing gas emergency policies. Rather than waiting for the completion of the…