World oil demand growth is softening at a remarkable pace as the European and Chinese economies falter, the West's energy watchdog said on Thursday, while supplies grow steadily, particularly from North America. "The recent slowdown in demand growth is nothing short of remarkable," the International Energy Agency (IEA) said in its monthly report, revising down its oil demand growth projections for both 2014 and 2015. "While festering conflicts in Iraq and Libya show no sign of abating, their effect on global oil market balances and prices remains muted amid weakening oil demand growth and plentiful supply," it added. The IEA said demand growth in the second quarter of 2014 alone eased back to a near two-and-a-half year low. For the whole of 2014, the IEA reduced its oil demand growth projection by 65,000 barrels per day (bpd) to 900,000 bpd while for 2015 it cut its estimate by 100,000 bpd to 1.2 million bpd. "Euro zone economies, already struggling with stagnation, are getting perilously close to deflation. The risk being that falling European prices trigger a deflationary spiral that causes further reductions in economic activity, as market participants delay investment/purchasing decisions," it said. China, the world's second largest oil consumer after the United States, is unlikely to see oil demand grow by much more than 2 percent, the IEA said.
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 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.
“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
China's power output, a bellwether for economic activity, posted its first annual decline in more than four years in August, adding to evidence that the world's second-largest economy is losing momentum after a brief rebound in the second quarter. Power output in the world's top consumer fell 2.2 percent to 495.9 billion kilowatt hours (kWh) in August from a year earlier, data showed on Saturday. While the annual fall was in part due to the high reading last summer
IMA/World Energy Reports has just completed a comprehensive assessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 – provides our forecast of orders for floating production systems between 2016 and 2020. Here’s an overview of the findings and conclusions in the report. Bottom Line We see the downturn in market conditions and implosion of Petrobras as a bump in the road
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
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
Nordic American Tankers Limited Chairman & CEO Herbjørn Hansson addressed the impacts of low oil prices on the tanker business in a letter to shareholders, citing the decrease in oil price as an overall positive for the world tanker market and possible trigger for the recent rate upswing for Suexmax tankers. “The upswing in Suezmax tanker rates in the recent past may have to some extent to do with the decrease in the oil price,” Hansson said
As 2015 draws to a close and the Worldscale Organisation published the new 2016 Flat Rates, Poten and Partners goes through the annual exercise of updating Flat Rates in its systems. This highlighted once again the significant changes in bunker prices that occurred over the
Oil prices have been extremely volatile since the first trading day of 2016 and hit 12-year lows last week with Brent dropping below $33 a barrel for the first time since 2005. The fall in the Chinese manufacturing index, the Saudi-Iran standoff and North Korean nuclear test have all had a
According to a recent BIMCO Shipping Market Analysis, the global tanker market remains a bright spot in the global shipping market, with demand staying high. Below is a synopsis of the report's latest findings. More than anything else
McQuilling Services has announced the release of the 2016-2020 Tanker Market Outlook. This report is a five-year outlook for eight vessel classes across 18 benchmark trades and represents the company’s 19th forecasting cycle
Shipbroker Charles R. Weber is quite optimistic on the future prospects of the VLCC market for 2016 onwards. The demand is expected to remain elevated with spot voyages generating around 940 bln ton-miles per quarter, on average, during 2016 – around 1
Healthy returns enjoyed by the product tanker market in recent years are under threat as impending fleet growth is expected to reduce the sector’s earnings over the medium term, according to the Product Tanker Market Annual Report 2015 published by global shipping consultancy Drewry.
OPEC on Monday predicted higher demand for its crude oil next year, sticking to its view that a strategy of letting prices fall will tame the U.S. shale boom and cut a global surplus. The monthly report from the Organization of the Petroleum Exporting Countries also said a weaker outlook
Mideast-Japan VLCC rates climb by $46,000 per day since Aug 26. Freight rates for very large crude carriers (VLCCs), which reached a seven-week high this week, are set to climb higher on buoyant cargo volumes and tighter tonnage, brokers said.
IMA/World Energy Reports has just completed a comprehensive assessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 – provides our forecast of orders for floating production systems between 2016
OPEC said its oil output fell in October and forecast supply from rival producers next year would decline for the first time since 2007 as low prices prompt investment cuts, reducing a global supply glut. In a monthly report, the Organization of the Petroleum Exporting Countries said it
March 2016 would mark start of low-demand spring season. Oil traders are preparing for another downward turn in prices by March 2016, market data suggests, as what is expected to be an unusually warm winter dents demand just as Iran's resurgent crude exports hit global markets after sanctions
IMA/World Energy Reports has just completed a comprehensiveassessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 -- provides our forecast of orders for floating production systems between 2016
Asia's fuel oil crack for benchmark 180-centistroke rebounded to a discount of $6.79 a barrel on Wednesday, gaining as bunker prices firmed on the possibility of reduced arbitrage volumes from the West next month even as the market remained quiet, traders said.
Commodities trading firm Trafigura expects tougher conditions in tanker markets next year as weaker world economy prospects and a slide in oil prices are set to take their toll on shipping. Bargain hunters picking up cheap crude after the price drop and refineries
This year, the offshore oil and gas industry has had to come to terms with the worst downturn for more than a decade. With commodity prices plummeting to an 11-year low in December, market research and consulting firm Douglas-Westwood (DW) reflects on the year gone by and considers the outlook for