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Oil Market Report - October 2024
…and as field maintenance work in Kazakhstan and Norway lowered output. Non-OPEC+ supply growth of around 1.5 mb/d this year and next is led by the Americas, accounting for 80% of gains.Refining margins slumped further in September as gasoline, jet and diesel cracks deteriorated while crude prices improved on a relatively tighter market. As a result, global crude run estimates are further reduced by 180 kb/d to 82.8 mb/d for 2024 and by 210 kb/d to 83.4 mb/d in 2025, representing annual gains of 540 kb/d and 610 kb…
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Oil Market Report - January 2023
…2 mb/d of capacity additions between 4Q22 and end-2023.Russian oil exports fell by 200 kb/d m-o-m in December to 7.8 mb/d, as crude shipments to the EU declined after the EU crude embargo and G7 price cap came into effect. Russian diesel exports surged to a multi-year high of 1.2 mb/d, of which 720 kb/d was destined for the EU. Record discounts for Russian benchmark Urals grade saw Russian revenues slip by $3 bn m-o-m to $12.6 bn.Global observed oil inventories surged by 79…
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Oil Market Report - June 2022
…d in 2022 and 1.6 mb/d in 2023, boosting throughputs by 2.3 mb/d and 1.9 mb/d, respectively. Nevertheless, product markets are expected to remain tight, with a particular concern for diesel and kerosene supplies. While diesel cracks eased month-on-month in May, both jet fuel and gasoline cracks surged as demand picked up seasonally.Following nearly two years of declines, observed global oil inventories increased by 77 mb in April. OECD industry stocks also rose, by 42.5 mb (1.42 mb/d), helped by government stock releases of nearly 1 mb/d…
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Does security of supply drive key biofuel markets in Asia?
…and diesel demand with biofuels is a means of increasing a country’s domestic fuel supply. China produces ethanol from corn and cassava, India uses feedstocks such as molasses from its sugar industry (the world’s second-largest) to make ethanol, and Indonesia manufactures biodiesel from palm oil, of which it is the world’s largest producer. However, the production of biodiesel in China and India, and ethanol in Indonesia, is lower because of lower domestic feedstock resources.Security of supply can be strengthened through the application of mandate polices that prescribe replacing a share of gasoline or diesel consumption…
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Japan Oil Security Policy
…the equivalent of 70 days of stocks, based on consumption over the previous 12 months. The public stocks mostly consist of crude oil, but the government has expanded its emergency inventory to include around six days of four categories of refined products – gasoline, kerosene, fuel oil and diesel oil. Some government stocks are held in storage facilities with no drawdown infrastructure and would take weeks or months to release, some in dedicated leased tanks, and some (namely the product stocks) are commingled with industry stocks. In case of an IEA coordinated collective action, Japan would likely rely in the first…
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Oil Market Report - March 2017
The IEA Oil Market Report (OMR) is one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights Having expanded by 1.6 mb/d in 2016, global oil product demand growth is expected to ease back to 1.4 mb/d in 2017. Early indicators of 1Q17 demand support this, with slowdowns seen in January in Japan, Germany, Korea and India.Global oil supplies rose 260 kb…
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Oil Market Report - September 2018
The IEA Oil Market Report (OMR) is one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights Global oil demand growth estimates for 2018 and 2019 are unchanged at 1.4 mb/d and 1.5 mb/d, respectively. The pace of growth slowed sharply in 2Q18, caused by weaker OECD Europe and Asia demand. US gasoline demand growth eased due to higher prices.Non-OECD demand…
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Oil and Gas Emergency Policy: Japan 2013 update
Oil and Gas Emergency Policy: Japan 2013 update Oil remains the most significant energy source in Japan, accounting for some 45% of the country’s total primary energy supply in 2011. The transport sector represented around 38% of total consumption in 2010, while the industry sector accounted for 30%. A significant proportion of the industry sector’s oil demand comes from the chemical industry. The country has 27 operational refineries with a total crude distillation capacity of around 4.5 mb/d. Japan meets its 90-day stockholding obligation to the IEA by holding government emergency stocks and by placing…
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Oil Market Report - October 2018
The IEA Oil Market Report (OMR) is one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights The forecast for demand growth in 2018 and 2019 has been reduced for both years by 110 kb/d to 1.3 mb/d and 1.4 mb/d, respectively. This is due to a weaker economic outlook, trade concerns, higher oil prices and a revision to Chinese data.OECD demand…
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Oil Market Report - June 2017
The IEA Oil Market Report (OMR) is one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights Recent weaknesses in demand growth are likely to prove transitory, particularly in post currency-reform India. Although global growth was only 0.9 mb/d in 1Q17, it accelerates in 2H17 and for the year as a whole our outlook remains unchanged at 1.3 mb/d. In 2018…