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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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Oil Market Report - November 2018
…OECD countries, as the impact of higher year-on-year prices is amplified by currency devaluations and slowing economic activity. Our non-OECD demand forecast has been revised down by 165 kb/d for 2019.Global oil supplies are growing rapidly, as record output from Saudi Arabia, Russia and the US more than offsets declines from Iran and Venezuela. October output was up 2.6 mb/d on a year ago. Non-OPEC output will grow by 2.4 mb/d this year and 1.9 mb/d in 2019.OPEC crude output rose 200 kb/d in October to 32.99 mb/d, up 240 kb…
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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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Railway Handbook 2015
…the Railway Handbook 2015. For this edition, significant methodological improvements were implemented leading to better consistency between the different indicators presented in this Handbook, in addition to updates of the global data, as well as regional breakdowns for those regions that we consider the most relevant from the point of view of transport activity: European Union, USA, Japan, Russia, India, and China. This edition devotes particular attention to the energy efficiency of rail vehicles. This is achieved by providing information on the energy efficiency of trains in different world regions, with a richer set of indicators for the European Union.
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Will new PV manufacturing policies in the United States, India and the European Union create global PV supply diversification?
…relatively low energy costs and labour productivity make China the most competitive solar module manufacturer worldwide. Higher investment costs in India are the primary reason for the cost differential with China, while higher overhead and labour costs makes US PV manufacturing not as competitive. In Europe, rising energy prices following Russia’s invasion of Ukraine widened the cost gap with China. Today, EU industrial energy prices are more than triple those of China, India and the United States. Manufacturing policies in India and the United States Recent policy actions in India and the United States aim to increase the competitiveness…
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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…