IEA warns of a looming oil glut

If global oil demand growth continues to languish with uncertainties around the global economy and Brexit, the oil market will likely have to cope with another oversupply next year, according to the International Energy Agency (IEA).  “Unless other things change, we will see a surplus probably, unless there is very strong demand growth recovery,” Keisuke […]

Read more

OPEC decides to increase production by 1 million barrels per day at the Vienna meet


After a hectic week of unofficial meetings between OPEC members in Vienna, in the official OPEC communique, the oil cartel stated that overall production will be increased by 1 million bpd. In reality, this will mean that around 600,000 bpd will be added to the market. The OPEC communique fails to mention any timeline, nor […]

Read more

COMMENTARY – India’s calls for responsible pricing for oil and gas likely to fall on deaf ears


Energy-hungry India might want responsible pricing for crude and natural gas, but its pleas are likely to only fall on deaf ears as producing nations – battling to earn more after historical lows that impacted their economies negatively – are unlikely to oblige. Prime Minister Narendra Modi, in his speech at this week’s International Energy […]

Read more

OPEC sees non-members’ supplies rising in 2018; demand growth seen marginally higher


OPEC has raised forecast for oil supply this year by non-members due to higher U.S. production, which offset output cuts introduced by the group along with some other producing countries. For 2018, non-OPEC supply is revised up by 0.28 mb/d, representing y-o-y growth of 1.66 mb/d, with total non-OPEC supply reading 59.53 mb/d, the Organization […]

Read more

Record oil output from US, Brazil, Canada and Norway to keep global markets well supplied, says IEA


Oil production growth from the United States, Brazil, Canada and Norway can keep the world well supplied, more than meeting global oil demand growth through 2020, but more investment will be needed to boost output after that, according to the International Energy Agency’s latest annual report on oil markets. Over the next three years, gains […]

Read more

Almost 3 million bpd supply of crude under threat in 2018, thanks to Venezuela – says Citi

Supply of close to 3 million barrels of oil per day might be in jeopardy mainly due to the worsening economic crisis in Venezuela, Citibank said in a report. Late last year, Venezuela’s government defaulted on millions of dollars’ worth of debt, with larger payments maturing this year. The ability to service billions in debt payments […]

Read more