Marine link
 

Oil Demand

Oil Demand Growth Slowing at 'Remarkable' Pace

  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.


Unchanged Estimate of 2001 Oil Demand Growth - IEA

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


Oil Demand Flat, Diesel Demand Up

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.


Deepwater Downturn: Bump in the Road or Long-term Slowdown?

(Image: iStock)

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


IEA Paints Lukewarm Outlook for Crude Oil Tankers

Map: Poten & Partners

 Every year around this time, the International Energy Agency (IEA) publishes their Medium Term Oil Market Report. The report includes the customary oil supply and demand forecasts and refinery dynamics.    "Most interesting for us in the tanker industry is their detailed discussion of the crude oil trade flows. What does the latest IEA outlook have in stock for the tanker market?" asks, Tanker Research & Consulting department at Poten & Partners.  


Oil Price Bottoming Depends on Global Growth - IEA chief

International Energy Agency (IEA) chief Fatih Birol

International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed but that would depend on global economic growth. Asked if oil prices had reached a bottom, Birol told Reuters: "It may well be the case, but it depends on economic growth." He expected global oil demand to grow by 1.2 million barrels per day this year while non-OPEC oil production would fall by more than 700,000 bpd.


IEA Releases New Publication

“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 Aug Power Output Falls First Time in 4 yrs

Chinas Output fell first in four years

  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


EIA Expects OPEC Output To Rise

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


NAT CEO: Low Oil Prices Benefit the Tanker Market

Herbjørn Hansson (Photo courtesy of NAT)

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


Frontline Q1 Profit Disappoints

Q1 net result $27.0 million; operating profit $40.8 million.    * Declares quarterly dividend $ 0.15 per share (Reuters poll $0.13 per share)   * Notwithstanding near-term pressure on crude tanker rates, we believe the market will ultimately return to balance as demand for crude


The New Offshore Reality

(Photo: Oyvind Hagen, Statoil)

As a mix of traditional heavyweights and start-ups fight to keep Norway’s offshore industry afloat, collectively they assess   Swedbank’s chief economist, Harald Andreassen, isn’t “too hopeful” about the long-term prospects for the oil price, but then again


d'Amico Bullish on Product Tankers

 d'Amico International Shipping believes that the supply-demand balance in the product tanker freight market is improving.   The key drivers that should affect the product tanker freight markets are (i) global oil supply (ii) the crude oil price and refinery margins (iii) demand for


Tanker Market Could See Difficult Q2, Q3

File Image (CREDIT: AdobeStock / Carabay)

New vessels expected to hit freight rates; new trade route from east U.S. to Asia to meet Chinese demand.   The tanker market may face a "difficult" second and third quarter this year after a robust first quarter as supply of newly built vessels loom


BW Group Grabs Control of Tanker Firm DHT from Fredriksen's Frontline

File photo: DHT Holdings

Shipping tycoons Sohmen Pao, Fredriksen battle over DHT; Sohmen Pao's BW Group becomes top DHT owner with 33.5 percent to surpass Frontline as DHT's top shareholder. The move likely ends Frontline's ambitions to take over DHT, as DHT had twice rejected Frontline's advances.  


Peak Gasoline Demand Looms with Engine Efficiency Gains

Demand for gasoline in the United States, which accounts for a tenth of global oil consumption, is expected to peak next year as engines become more efficient, WoodMackenzie analysts said. Global demand for gasoline, which accounts for more than a quarter of the world's oil consumption


Tanker Market: Sun Sets on Japan Dirty Imports

Graph: Gibson Shipbrokers

 The Japanese refining industry has been experiencing challenging circumstances for a number of years, with significant rationalisation of refining capacity, according to Weekly Tanker Market Report by Gibson Shipbrokers.   Reform in the Japanese refining sector is not a particularly


Rare Gasoline Exports Underway from Bloated East Coast Stocks

File Image: AdobeStock

Traders prep rare East Coast gasoline exports; cargoes already sailing with exported distillates.   Traders are preparing to export cargoes of coveted gasoline from the U.S. East Coast after months of heavy importing and local production swamped the region.  


Global Oil Demand to Grow into 2040s

 Global oil demand will keep growing into the 2040s due to higher consumption of plastic goods even as the electric vehicle fleet expands rapidly and technology revolutionises transport, BP said in its annual Energy Outlook on Wednesday.


Asia Tankers-VLCC Rates to Hold Steady

File Image: A typical VLCC underway (CREDIT AdobeStock)

Unipec charters 20 VLCCs for West Africa, MidEast cargoes; China's oil demand to climb 3.4 pct this year - CNPC.   Freight rates for very large crude carriers (VLCCs) are expected to remain stable next week as buoyant chartering activity from the Middle East is offset by the large number of


BIMCO: What Shipping Market can Expect for 2017

Logo

The shipping market in 2016 and looking forward The shipping industry has its work cut out going forward in 2017 as the International Monetary Fund (IMF) forecast the lowest level of global GDP growth since 2009. 2017 will see another year of die-hard competition, which now includes tankers


Tanker Operators Brace for OPEC Cuts

© Jose Gil / Adobe Stock

Tanker owners are bracing for a volatile year ahead after enjoying some of the highest charter rates since 2008, with OPEC plans to curb crude output potentially cutting rates by more than 40 percent.   Fewer Middle East cargoes will mean lower freight rates for operators of very large


Frontline Sees Limited Effect on Demand From 'Balanced' OPEC Cut

* Crude oil tanker firm Frontline says a potential "balanced cut and cap from OPEC", as suggested by some analysts, is not expected to have a large impact on the tanker market * Says significant volume cuts by OPEC, although unlikely, would be negative for tanker freight demand


Trafigura Backs Out of Tanker Foray

Trafigura has sold five oil vessels to a unit of China's Bank of Communications , ending the trading house's move into owning tankers, the company said on Friday. Under the deal, the five medium-range tankers, ordered by Trafigura in 2013 from a shipyard in China


Tanker Market: Electrifying Demand

Graphic: Gibson tanker report

 Twenty years, the investment timeline to consider when ordering a new tanker, is a long time in any industry, not least in the rapidly evolving energy markets and the drive for cleaner fuels, says Gibson tanker report.   Whilst, the collapse in oil prices in recent years may have






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright