The IEA in their Oil Market Report for December 2001 did not alter their previous estimate of only a marginal increase in oil demand in 2001 over 2000, a 0.14 mbd increase only. During November 2001 world oil production increased by 0.29 mbd compared to the previous month. OPEC oil production decreased whereas non-OPEC oil production increased by a total of 0.63 mbd. Total industry oil stocks in the OECD area grew by 0.22 mbd in October 2001. According to the IEA, winter fuels in primary storage continue to remain at comfortable levels. Source: INTERTANKO
According to the February 12, 2001 monthly IEA Oil Market report, the 12-month moving average for December 2000 of oil products demand for the nine largest markets indicates a 0.1% decline. The only products showing an increased demand are LPG/Naphtha, Jet/Kerosene and Diesel, of which diesel has the largest increase of 3.5%. In contrast the demand for gasoline is down by 0.8%. The increase in diesel demand is strongest in the U.S., Mexico, Korea, Germany and Italy.
Due to declining domestic crude oil production and rising oil demand, crude imports will continue to increase over the next two decades accounting for 64 percent of U.S. oil supplies by 2020, the U.S. Energy Information Administration (EIA) said in its annual long-term energy outlook. Currently, the U.S. imports 52 percent, or 8.6 million bpd of its oil and domestic oil output at 6 million bpd is at its lowest level since the early 1950s. U.S
The U.S. Energy Information Administration expects OPEC countries to continue producing above their quotas, pushing the cartel's average output 770,000 barrels per day (bpd) above official levels for the quarter. OPEC's actual production would also be just 619,000 bpd lower during the first quarter from output levels at the end of last year, the agency said in its monthly OPEC update. That would be much less than the 1
“There is an urgent need to consider ways to accelerate the decoupling of energy and CO2 emissions from economic growth,” said Claude Mandil, Executive Director of the International Energy Agency (IEA) at the launch in Brussels of Oil Crises and Climate Challenges: 30 Years of Energy Use in IEA Countries. This new publication examines how energy efficiency and factors such as economic structure, income, lifestyle, climate
According to a McQuilling Services Outlook report for 2011-2015, global economic recovery is underway, supported by robust emerging markets growth. Expectations are for a continuation of this trajectory in 2011, leading to increased oil demand, but risks to the downside still exist, particularly in the area of sovereign debt. Tanker demand recovered in 2010 and will increase on the back of increased oil demand. The patterns of trade are changing however
CNOOC reportedly plans to more than double production at the Bohai Bay field to more than 27 million metric tons, or about 542,000 barrels a day, in five to six years as new fields come on stream, according to a report in the Herald Tribune. China is said to be encouraging its oil and gas producers to step up production to meet rising consumption spurred by an economy that rose 11.9 percent in the second quarter. Chinese oil demand will likely increase 5.9 percent to 7
IEA’s Medium-Term Oil Market Report sees companies overhauling global investment strategies; meanwhile, surge in non-OECD refining capacity shakes up product market The supply shock created by a surge in North American oil production will be as transformative to the market over the next five years as was the rise of Chinese demand over the last 15, the International Energy Agency (IEA) said in its annual Medium-Term Oil Market Report (MTOMR)
By Shadi Bushra, Reuters Brent crude oil steadied around $110 a barrel on Monday, resisting sharp declines in some other risk assets on news of further supply losses in Africa and expectations of revived oil demand growth. Libyan oil output plunged further over the weekend, falling to 230,000 barrels per day (bpd) on Sunday after a new protest shut the El Sharara field. Before nationwide protests started in the middle of last year, Libyan oil production was closer to 1
EU leaders set to warn, not sanction Russia; U.S. crude stocks rise more than expected. U.S. jobs data, services data point to lower oil demand. By Shadi Bushra Brent crude reversed gains made earlier on Thursday after Crimea's parliament voted unanimously to join Russia, even as the West and Russia engaged in high-stakes diplomacy to cool the crisis in Ukraine. The announcement sets a referendum on the future of Crimea in 10 days
Keppel FELS Limited (Keppel FELS), a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M), has secured contracts to build three high-specification KFELS B Class jackup rigs worth about $650 million (USD) from new customer Fecon International Corp. (Fecon).
U.S. Energy Information Administration, Short-Term Energy Outlook, March 2014 reveals that in September 2013 China's net imports of petroleum and other liquids exceeded those of the United States on a monthly basis, making it the largest net importer of crude oil and other liquids in the world
Japan Petroleum Exploration Co (Japex) said on Monday it has begun the country's first commercial production of shale oil in Akita prefecture in northern Japan this month. Daily production from shale layers deep below the Ayukawa oil and gas field was about 220 barrels of crude (35 kilolitres)
China exports fall for 2nd straight month in March, while U.S. crude stocks rise, at a record on the Gulf coast (EIA). Libya's oil guards take control of Hariga port, Zueitina pending and OPEC sees lower demand for its crude in 2014. Separately, Brent to fall to $107.17.
China's demand for oil in October 2012 was meaningfully weaker that it was the previous month. The detailed Chinese oil data for October were reported yesterday. Calculated demand adjusted for inventory changes came in at 9.5 million b/d. This was meaningfully weaker than demand in September
Euronav, report a trading loss of almost US$ 119-million after tax in year-ending 2012 report, expect oil transportation market to re-balance in 2013. Prospects for 2013 On the supply side, given the current state of the tanker market and the difficulty most owners face securing financing it is
China reached this milestone in December 2012, as its net petroleum imports surpassed those of the U.S. In a recent press release NYC-based PIRA Energy Group reports that weak reported oil demand in the U.S. reduced the commercial stock draw
Increasingly lower oil demand in the U.S. prompts tankship operators to look towards the China market. According to a BIMCO review, the tanker market is doing full steam ahead – not in relation to demand, earnings or actual operating speed
With seasonally weak demand in the second quarter, the short-term view for freight rates does not look positive finds Drewry. Global oil demand declined by 1.0% in the first quarter of the year to 89.9 million bpd, although some recovery in demand is likely in the second half of the year based
But the "Golden Age" is still in full swing as gas emerges as a significant transportation fuel, a new report says. Natural gas will continue to increase its share of the global energy mix, growing at 2.4% per year between now and 2018
Power generation from hydro, wind, solar and other renewable sources worldwide will exceed that from gas and be twice that from nuclear by 2016, the International Energy Agency (IEA) said today in its second annual Medium-Term Renewable Energy Market Report (MTRMR).
The floating production sector has been especially active over the past several months. Ten production floaters have been ordered since March, reports International Maritime Associates Inc. (IMA). Contracts include a $3 billion FPSO for Nigeria (a record price for an FPSO), two $1
In general the floating production sector looks healthy and growth remains strong. But the sudden expansion of shale oil and tight oil production could disrupt the growth trajectory in the deepwater sector. Deepwater The underlying drivers for deepwater development point toward continued
Lloyds Register Energy Drilling (LRED), formerly ModuSpec Engineering UK Limited, was presented with the award by Aberdeen's Lord Lieutenant George Adam, acting on behalf of HM the Queen, in recognition of the company's sustained business expansion.
Prodigious US shale oil production is often treated as a threat to deepwater. Won’t all this oil swamp demand? Many investment banks and government agencies forecasting oil markets feel that it could. The evidence, however, suggests differently