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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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The Future of Rail
…in 2000 - the rail sector is the only mode of of transport that is widely electrified today.
This reliance on electricity means that the rail sector is the most energy diverse mode of transport. The regions with the highest share of electric train activity are Europe, Japan and Russia, while North and South America still rely heavily on diesel.
Passenger rail is significantly more electrified than freight in almost all regions, and regions with higher reliance on urban rail and high-speed rail are those with the largest share of passenger-kilometres served by electricity. Trends in conventional, high-speed… -
Oil Market Report - July 2018
…Crude oil prices fell in June but since the Vienna Agreement meetings values for ICE Brent and NYMEX WTI have increased by 7% and 13%, respectively, on news of supply disruptions. In product markets, increased refinery output and signs of slowing demand put pressure on gasoline, diesel and jet fuel cracks.Global refining throughput will grow by 2 mb/d from 2Q18 to 3Q18, with more than half of the increase in the Atlantic Basin. Runs are forecast to reach 82.8 mb/d, 0.7 mb/d higher than the previous record level in 4Q17. This could result in large crude stock draws…
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Oil Market Report - September 2017
…when they normally increase. The surplus over the five-year average fell to 190 mb. OECD product stocks were only 35 mb above the five-year average at end-July and could soon fall below it because of the impact of Hurricane Harvey.Benchmark crude prices rose by $1-3/bbl in August with higher crude demand and outages in Libya. North American crudes lagged behind global benchmarks and Hurricane Harvey increased the gap in late August. Diesel and gasoline prices went higher.For 3Q17, our refinery throughput forecast is revised down by 0.7 mb/d, due to Hurricane Harvey's impact…
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Oil Market Report - August 2017
…falls in July, including the largest monthly US crude stock draw for more than three years.Benchmark crude prices rose by $1-2/bbl in July with higher crude demand from refiners and anticipated oil field maintenance. Sweet-sour spreads widened for the first time in four months. Strong demand and refinery outages in Europe boosted diesel and gasoline prices.Refining throughput is expected to reach its annual peak in August, with runs at 81.4 mb/d. 3Q17 throughput is forecast to grow 0.9 mb/d y-o-y. Global refining activity will seasonally decline in September and October, before bouncing back…
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Fuel economy in India
…attributable to a high share of diesel LDVs and an average LDV weight that is 24% lower than the global average.Fuel economy has improved since 2005, though progress has somewhat stalled recently with fuel consumption of large cars increasing on average 6% per year since 2017, and fuel consumption of large and small SUVs/pick-ups growing 3.7% and 2.6%, respectively. In contrast, the medium car segment continues to see rapid improvements.Slowing improvements may stem from a decreasing share of diesel powertrains, which are being replaced by gasoline vehicles. In 2017, diesel powertrains were 47% of…
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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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Transitioning India’s Road Transport Sector
Realising climate and air quality benefits India aims to reach net zero carbon emissions by 2070 – a demanding task given the country’s ambitious sustainable development objectives. Road transport currently accounts for a relatively small share in national CO2 emissions, but as India seeks to satisfy the mobility needs of its growing, urbanising and rapidly developing population, energy demand and CO2 emissions from the sector could double by 2050, locking in emissions and putting at risk the achievement of the long-term climate goal. This report, prepared at the request of India’s public think tank NITI Aayog, provides a…
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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…