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Oil Market Report - December 2017
…demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights Our forecast for global demand growth remains unchanged at 1.5 mb/d in 2017 (or 1.6%) and 1.3 mb/d in 2018 (or 1.3%). Revisions have been made to data for Nigeria, Germany and Iraq. The baseline for oil demand has been 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…
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Oil Market Report - October 2018
…respectively, led by the United States.OPEC crude 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…
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Oil Market Report - June 2018
…Non-OPEC supply will grow by 2.0 mb/d in 2018, easing slightly to 1.7 mb/d.OPEC crude supply edged up 50 kb/d in May to 31.69 mb/d. Higher flows from Saudi Arabia, Iraq and Algeria offset a fall in Nigeria and further declines in Venezuela. While the call on OPEC is set to ease in 2019, potential losses from Venezuela and Iran could require others to produce more.OECD commercial stocks declined 3.1 mb in April to a new three-year low of 2 809 mb. Middle distillate holdings fell 7.4 mb in April and were significantly below the…
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Oil Market Report - February 2017
…leading to record initial compliance of 90% with the output agreement. Some producers, including Saudi Arabia, cut supply by more than required. Lower production was partly offset by higher flows from Libya and Nigeria, which are exempt from cuts.After falling by 0.8 mb/d last year, non-OPEC output will grow by 0.4 mb/d in 2017.Growth is mainly in the Americas, where higher prices are fuelling increased investments in US LTO activity and long lead-time projects are coming on stream in Brazil and Canada.OECD total oil stocks fell nearly 800 kb/d in…
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Oil Market Report - May 2019
…Azerbaijan and Iran leading the losses. At 99.3 mb/d, output was up 775 kb/d on a year ago. In 2019, non-OPEC supply will grow 1.9 mb/d versus 2.8 mb/d last year.OPEC crude output rose 60 kb/d in April to 30.21 mb/d as higher flows from Libya, Nigeria and Iraq offset Iranian losses. Effective spare capacity was 3.2 mb/d, with Saudi Arabia holding 70%. The call on OPEC is 30.9 mb/d in 2Q19, falling to 30.2 mb/d for 2H19.In 2Q19, refining throughput is seeing a third consecutive quarter of lacklustre growth…
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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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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 2023
…the country setting an all-time record in March at 16 mb/d. While the OECD is set to return to growth in 2Q23, its average 2023 increase of 350 kb/d pales in comparison with 1.9 mb/d in non-OECD gains.Significant outages in Iraq, Nigeria and Brazil were only partly offset by increases elsewhere, with global oil supply down by 230 kb/d to 101.1 mb/d in April. Steeper losses are in store for May as wildfires shut in Canadian barrels and extra cuts from some OPEC+ producers take effect. From April through December…
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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…
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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.