-
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…
-
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…
-
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…
-
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…
-
Hungary 2022
…reactors up to mid-2030s. The government has an ambitious target of 90% clean electricity by 2030, Hungary needs to maintain and increase its low carbon generation. Alongside nuclear energy, a diverse renewable energy portfolio and greater power system flexibility for the integration of high shares of solar PV are critical.The country needs to reduce the high vulnerability and reliance on Russia for gas, oil and nuclear, through policies that lower fossil fuel consumption, increase energy efficiency and promote investments in clean energy technologies and human resources to deliver a just and inclusive transition. To decarbonise hard-to-abate…
-
Energy Policies of IEA Countries: Hungary 2006
…consumers, the overall level of subsidies to producers and consumers of energy needs to be reviewed. This analysis makes recommendations to tackle these concerns and also discusses the potential contribution of energy efficiency to increasing energy security and economic competitiveness. The gas dispute between the Russian Federation and Ukraine in January 2006 focused global attention on consumer nations’ vulnerability to supply disruptions. The Hungarian government has since placed greater emphasis on diversification of suppliers and has supported the development of new routes to bring gas into Europe. Hungary has dramatically improved its energy efficiency during the last 15 years. Nevertheless…
-
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…
-
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…
-
Hungary Natural Gas Security Policy
…energy source for the country and will likely constitute a significant proportion of the energy mix through 2030, and beyond, when the Mátra lignite-fired plant will be closed and replaced with a 500 MW gas-fired plant (plus a solar array and other smaller generation units). With limited domestic production, Hungary relies on imports, particularly from Russia. Since 2021, Hungary has also had the ability to import liquefied natural gas (LNG) cargoes via the Krk LNG terminal in neighbouring Croatia, and it will soon be able to import volumes through Serbia via the TurkStream pipeline. HUSA, the public stockholding agency…
-
Energy Policies of IEA Countries: Hungary 2011 Review
Energy Policy Review Energy Policies of IEA Countries: Hungary 2011 Regional co-operation is a vital element of Hungary’s energy market and energy security policy. Hungary, which shares borders with seven countries, is well placed to improve regional energy security by catalysing the development of closely integrated regional markets for electricity and natural gas. A country strongly dependent on natural gas imports, Hungary has taken several commendable steps to manage risks to its supply. It has enhanced storage capacity and diversified cross-border capacity, and it is developing new supply routes. Hungary is also working hard to strengthen the…