-
Clean Energy Transitions Programme 2021
…In 2021 the CETP marked its fourth full year since its launch at the 2017 IEA Ministerial Meeting, and the programme has steadily grown in size and impact.The CETP Annual Report 2021 aims to provide all CETP donors and partners with insights on the programme’s accomplishments, outputs and efforts across all areas of work. The report highlights activities and achievements for each priority country and region (Brazil, Mexico, Latin America, the People’s Republic of China, India, Indonesia, Southeast Asia and Africa). It then discusses cross-cutting activities, implemented globally.Recognising the excellent results achieved under the CETP…
-
Oil Market Report - May 2019
…demand growth estimate has been revised down by 70 kb/d to 1.2 mb/d and our 2019 forecast is reduced by 90 kb/d to 1.3 mb/d. Revisions for 2018 impacted mainly non-OECD Asia and African countries. The 2019 revision is seen in OECD Asia in 1Q19.Non-OECD countries will drive global oil demand in 2019, adding 1.1 mb/d of growth, with China and India growing by 0.7 mb/d. Net OECD growth will be 0.2 mb/d, led by the US. Global oil demand will average 100.4 mb/d in 2019.In April, global oil supply fell 300 kb/d…
-
Oil Market Report - October 2018
…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, supported by a strong 1Q18 and robust US growth, will expand by 300 kb/d in 2018, slowing to 130 kb/d in 2019. Non-OECD demand will grow by 1 mb/d in 2018, led by China and India, which together account for 60% of the global increase.Global oil supply is growing fast; in September, world oil production…
-
Oil Market Report - September 2018
…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 remains resilient but there is a risk to the 2019 outlook from currency depreciation and trade disputes. Demand in China and India combined will grow by 910 kb/d in 2018, but the pace slows to 640 kb/d in 2019.Global supply in August reached a record 100 mb/d as higher output from OPEC offset seasonal declines from non-OPEC. Nevertheless, non-OPEC supply was up 2…
-
Oil Market Report - January 2018
…pushed up the 2017 growth to 1.6 mb/d, while our growth estimate for 2018 remains unchanged at 1.3 mb/d.The slowdown in 2018 demand growth is mainly due to the impact of higher oil prices, changing patterns of oil use in China, recent weakness in OECD demand and the switch to natural gas in several non-OECD countries.Global oil supply in December eased by 405 kb/d to 97.7 mb/d due mostly to lower North Sea and Venezuelan output. Production was steady on a year ago as non-OPEC gains of nearly 1 mb/d offset declines in OPEC.A plunge in Venezuelan…
-
Oil Market Report - May 2017
…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 previously solid countries - India, US, Germany and Turkey - curtailed the 1H17 global demand growth estimate by 115 kb/d. Global demand growth is, however, still forecast at 1.3 mb/d…
-
Oil Market Report - May 2023
…as well as oil trade for IEA and selected non-IEA countries. Highlights World oil demand is forecast to rise by 2.2 mb/d year-on-year in 2023 to an average 102 mb/d, 200 kb/d above last month’s Report. China’s demand recovery continues to surpass expectations, with 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…
-
Oil Market Report - November 2017
…stocks falling by 40 mb in September to below 3 000 mb for the first time in two years. Global stocks dropped by 63 mb in 3Q17, only the second quarterly draw since 2014. In October, stocks drew in the US and likely in China, but rose elsewhere.Benchmark crude prices increased by $1-2/bbl in October versus September and pushed higher in early November, buoyed by tensions in the Middle East. Oil product markets weakened relative to crude following the return of US refineries to higher throughput levels.For 4Q17, our refining throughput forecast is revised marginally lower to 80.8 mb/d…
-
Oil Market Report - February 2017
…time projects are coming on stream in Brazil and Canada.OECD total oil stocks fell nearly 800 kb/d in 4Q16, the largest fall in three years.End-December inventories were below 3 000 mb for the first time since December 2015. Stocks continued to build in China and other emerging economies and volumes of oil at sea also increased.Front-month Brent futures gained by a modest $0.59/bbl to $55.51/bbl in January as traders awaited news of OPEC cuts. The Brent contango narrowed, while sour benchmark Dubai continued to rise versus Brent and WTI. Gasoline…
-
Oil Market Report - December 2018
…rose 100 kb/d m-o-m to 33.03 mb/d in November as Saudi Arabia and the UAE reached record highs, more than offsetting a sharp loss from Iran. The group agreed to cut output by 0.8 mb/d from January.Global refining throughput growth came to a halt in 4Q18, with annual losses in Latin America and Europe only just offset by gains in the US, Middle East and China. Lower crude prices helped margins, although the gasoline-focused US Gulf Coast lagged behind.OECD commercial stocks rose in October for the fourth consecutive month, by 5.7 mb, to 2 872 mb…