India's Oil Imports Surged in 2017
India's oil imports rose by about 1.8 percent in 2017 to a record 4.37 million barrels per day (bpd) as the country boosted purchases to feed its expanded refining capacity, ship-tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed. To meet its growing fuel demand India, the world's third-biggest oil consumer, raised its refining capacity in the second half of 2017. India's capacity expansion to about 5 million bpd was aided by Reliance Industries…
World Oil Supply Report Now Available
The World Oil Supply Report, new study published by energy analysts Douglas-Westwood is now available. The World Oil Supply Report considers all existing and potential oil producing countries and forecasts their likely future oil reserve depletion, year and level of peak production. It includes all known and 'yet to find' oil reserves including onshore & offshore, deepwater and shallow water, and unconventional resources such as oil sands. The data is then combined to give a view on the limits to global oil production. to meet demand. oil supplies. and long-term strategic planning by companies and governments. 241 pages, 112 figures and 16 tables. 26 countries worldwide, from Alaska to Australia. multinationals, etc.
World Oil Supply Report Now Available
The World Oil Supply Report,a new study published by energy analysts Douglas-Westwood is now available. The World Oil Supply Report considers all existing and potential oil producing countries and forecasts their likely future oil reserve depletion, year and level of peak production. It includes all known and 'yet to find' oil reserves including onshore & offshore, deepwater and shallow water, and unconventional resources such as oil sands. The data is then combined to give a view on the limits to global oil production. The report defines the year in which oil supplies will be unable to continue to meet demand. production, its volume, and the resultant maximum production level for world oil supplies.
IEA: Expressing Concern Over Tight Oil Supply
At a scheduled meeting today, the Governing Board of the International Energy Agency discussed the current restraints on world oil supply, the significant decline in oil stocks worldwide and the sharp rise in oil prices. They expressed concern that the tightening supply situation could feed inflation and slow economic growth, thereby giving rise to problems particularly for developing countries. “Such instability would be in no one’s interest,” said Robert Priddle, Executive Director of the Agency. The Board noted that industry oil stocks worldwide were lower at the end of last year than at any time in the past decade. Yet demand is constantly growing.
IEA Concerned By Tight Oil Supply
The Governing Board of the International Energy Agency last week discussed the current restraints on world oil supply, the significant decline in oil stocks worldwide and the sharp rise in oil prices. They expressed concern that the tightening supply situation could feed inflation and slow economic growth, thereby giving rise to problems particularly for developing countries. The Board noted that industry oil stocks worldwide were lower at the end of last year than at any time in the past decade. Yet demand is constantly growing. The present gap between demand and supply means that no surplus oil is available to build stocks and that they continue to be drawn down to meet current requirements.
Short-Term Perils of Lower Oil Prices: DW Monday
At present we are seeing lower oil prices as a function of softer demand growth in both Europe and China combined with recent output increases from OPEC, particularly Libya, together with the ongoing surge in US production, notes Douglas-Westwood in the latest 'DW Monday'. In the short-term, supply could start to be taken out of the market quite quickly if lower price levels are sustained – we have earlier noted that returns for most E&P companies have been eroded by rapidly-rising costs.
Oil Price Rises to Impact Transport Sector
The long-term growth in the transport sector will shortly become unsustainable due to oil price increases forecast to occur in the next few years. These are amongst the conclusions of an important report by energy analysts Douglas-Westwood. Oil price rises due to concerns over a possible war in the Middle East are, according to the report authors, nothing compared to what is ultimately in prospect. The World Oil Supply Report states that global oil reserves are being drawn down at an unprecedented rate and even assuming no growth in demand it is likely that that by 2010 oil supply will begin to be constrained by global production capacity and oil will permanently cease to be abundant. Supply and demand will be forced to balance – but at a price.
Major Oil Price Rise Forecast
The world is drawing down its oil reserves at an unprecedented rate and even assuming no growth in demand it is likely that that by 2010 oil supply will be constrained by global production capacity and oil will permanently cease to be abundant. Supply and demand will be forced to balance - but at a price. Then, like during the oil shocks of the 1970’s, prices could double and treble within two or three years as the world changes from oil abundance to oil scarcity. The world is facing a future of major oil price increases which will occur sooner than many people believe. These are amongst the conclusions of The World Oil Supply Report, an important new study published today by energy analysts Douglas-Westwood.
Six Companies Buy Oil from US Emergency Crude Reserve
Six companies bought 14 million barrels of oil from the U.S. Strategic Petroleum Reserve in a sale required by law to help fund medical research and the federal government, said the Department of Energy on Thursday. BP Oil Supply, Exxon Mobil Corp, Phillips 66 , Shell Trading, Valero Marketing and Supply Company, and Macquarie Commodities Trading bought oil from the reserve, which is held in salt caverns on the Texas and Louisiana coasts. No prices were immediately available. (Reporting by Timothy Gardner; Editing by Lisa Shumaker)
OPEC's Indonesia Victim of Supply Cuts-Trade
OPEC member Indonesia has reportedly become a victim of the very oil supply cuts it helped to shape, as it has tendered to buy Saudi Arabian, Iranian and Iraqi crude because its normal supply has been cut under the latest OPEC accord to boost oil prices.
IEA Warns Of Big Oil Supply Deficit Next Year
OPEC oil producers next year can look forward to accelerating world petroleum demand growth and only marginal extra supply from non-OPEC competitors, according to the International Energy Agency.
Russia Tops up Urals Oil Exports from Baltic Sea
Russia will ship an extra 100,000 tonnes of Urals crude oil from the Baltic Sea port of Primorsk in April, bringing total shipments from that port to 4.6 million tonnes, according to a schedule seen by Reuters on Friday. The extra cargo will be shipped by Rosneft on April 20-21. This will increase total Urals oil supplies from the Baltic Sea to 7.1 million tonnes next month - the highest monthly figure since October 2013. (Reporting by Olga Yagova; writing by Vladimir Soldatkin; Editing by Alexander Winning)
Saudi Arabia Will Fill Need Created by Y2K Problems
Saudi Arabia's stands ready to step in and replace any oil supplies that may be disrupted because of Y2K computer problems. " Saudi Arabia's unused oil production capacity is reportedly about three million bpd.
Trump Troubled About Oil Flow into North Korea
U.S. President Donald Trump on Thursday said he was "very disappointed that China is allowing oil to go into North Korea" and that such moves would prevent "a friendly solution" to the crisis over Pyongyang's nuclear program. "Caught RED HANDED - very disappointed that China is allowing oil to go into North Korea. There will never be a friendly solution to the North Korea problem if this continues to happen!" Trump wrote in a post on Twitter. China earlier on Thursday said there had been no U.N.
N. Korea Oil Embargo: S.Korea Seizes Panama-Flag Ship
South Korean authorities have seized a Panama-flagged vessel suspected of transferring oil products to North Korea in violation of international sanctions, a customs official said on Sunday. The seizure was the second to be revealed by South Korea within a few days, as the United Nations steps up efforts to squeeze essential oil supplies to the reclusive North following its nuclear or ballistic missile tests. The ship, KOTI, was seized at Pyeongtaek-Dangjin port, the official told Reuters, without elaborating, due to the sensitivity of the issue.
IEA Paints Lukewarm Outlook for Crude Oil Tankers
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. The IEA forecasts oil demand to increase from 94.4 Million barrels per day (Mb/d) in 2015 to 101.6 Mb/d in 2021…
Brent Climbs Toward $115 on Iraq Crisis
Brent crude climbed to a nine-month high near $115 a barrel on Friday, as supply disruption fears took centre stage after the United States threatened military action in Iraq against Sunni Islamist militants who are pushing on towards Baghdad. The jihadists extended their lightning advance to towns only about an hour's drive from Baghdad while trucks carrying Shi'ite volunteers in uniform rumbled towards the front lines to defend the city, stoking concerns of prolonged unrest and bloodbath. Brent hit a session high of $114.69 a barrel, its loftiest since September last year. It was up $1.57 to $114.59 by 0754 GMT. It ended up with gains of more than $3 on Thursday. U.S.
IEA to Offer 60 Million Barrels
period of thirty days, according to a statement by Claude Mandil, IEA Executive Director. approach as the most effective mechanism. emergency response as timely and appropriate. immediately and will continue into October. available on the pace of recovery and adequacy of supplies to the market. will take place end September or early October. nations and the OPEC Secretariat.
Gazprom CEO Alexey Miller Bullish on Arctic
Gazprom has completed the construction of the Gates of the Arctic offshore offloading terminal that would pave the way for year-round oil supplies from the Novoportovskoye field in Yamal. Gazprom takes the leadership position in the Russian petroleum industry. Gazprom's board of directors had approved a RUB 842 billion ($11.8 billion) investment program for 2016. Gazprom Chairman Alexey Miller said: "We have been efficiently developing the Prirazlomnoye field in the Arctic shelf. "This year Gazprom has continued steadily evolving as a global energy Company.
Call on OPEC Oil Increasing Say IEA
IEA reports that global oil supply increased by 0.6 mbd to 91.0 mbd in April, 3.9 mbd above last year. Higher Iraqi, Nigerian and Libyan supplies lifted OPEC production by 0.41 mbd, to 31.85 mbd. The ‘call on OPEC crude and stock change’ is raised by 0.2 mbd to 30.9 mbd for 3Q12 and by 0.4 mbd to 30.7 mbd for 4Q12, with the 2012 average now 30.3 mbd. OPEC has increased output for seven months running and volumes are now nearly 3 mbd above April 2011 levels. Higher OPEC production has, in part, offset constrained non‐OPEC supplies stemming largely from unplanned outages. OPEC’s Gulf producers also appear to have ramped up output ahead of the anticipated disruption in Iranian crude flows in coming months as the EU’s 1 July oil embargo nears.
Eni, Rosneft Sign Oil Supplies Agreement
Rosneft’s President and Chairman of the Management Board, Igor Sechin, and Eni’s CEO, Paolo Scaroni, in the presence of the Russian President, Vladimir Putin, and Italy’s Prime Minister, Enrico Letta, has signed a term sheet on mutual crude oil supplies and a heads of agreement on joint participation and investments in logistic and commercial activities within the hydrocarbons sector. Rosneft will supply crude oil to PCK Schwedt refinery in Germany and Česká Rafinerska refinery in the Czech Republic which are both participated by Eni.
Harris to Manage Go2marine’s Commercial Supply Division
Kal brings to Mariner Supply and Go2marine over 20 years of sales experience in applying marine equipment, along with associated hydraulic powering systems, to the commercial fishing industry, NOAA, Coast Guard, and the US Navy. The new job at Mariner Supply will allow Kal to continue to work closely with commercial customers to solve complex problems in net-hauling, pot-hauling, lifting and anchor handling, along with mooring operations. “For many years MARCO gave me the opportunity to help solve gear handling problems aboard many types of vessels. Marco’s commitment to manufacture and supply only products of the highest quality was paramount...” remarked Harris, adding, “the Go2marine team has the same enthusiastic commitment to its customers.
U.S. Crude Imports To Continue To Rise
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. petroleum consumption is projected to rise an average 1.3 percent annually over the next two decades, growing from the current 19.4 million bpd to 25.1 million bpd by 2020, EIA said. Although world crude oil prices have more than doubled since the beginning of 1999…