The monthly Oil Market Report (OMR) from the International Energy Agency provides extensive analysis on world oil market trends as well as projections for oil supply and demand 12-18 months ahead. Developed from information obtained from the extensive IEA network of contacts with government and industry, it is the only regular, short-term analysis of the global oil industry available and has become an authoritative source for government officials and market and industry strategists alike.
Global oil demand growth is slowing at a faster pace than initially predicted: for the fourth quarter of 2017, a gain of 1.1 mb/d is expected. It is caused by uncertain macroeconomic conditions.
World oil supplies fell by 0.7 mb/d in the second quarter of 2016, dragged lower by non-OPEC. Despite OPEC production of near-record levels, supply from OPEC was unable to completely offset steep non-OPEC declines. Non-OPEC supply is expected to return to growth in 2017.
As for OECD oil demand by product, motor gasoline and gas/diesel oil made most of the gains, while residual fuel oil remained in deep decline compared with the same period of 2015.
OPEC crude oil output edged up 30 kb/d in 2015 to 32.29 mb/d as producers in the Middle East increased production. Crude oil output in Iraq and Saudi Arabia increased the most, while production in Nigeria showed the largest decrease.
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Oil prices grew by 1.1 percent in September modestly rebounding from a 7 percent drop in July. Since January, when the price of Brent crude reached a 12-year low, oil prices have rebounded by 50 percent and nearly reached last year's average of $46.99 per barrel. Barring any market surprises, a further recovery of oil prices hinges on a reduction of oil production by OPEC member states in the fourth quarter. Fluctuations in global crude oil prices have always been the focus of the economic and financial news. The higher crude oil prices rise, the more positive is the economic outlook for petroleum exporters. In contrast, countries dependent...
Slump of oil prices does not slow oil production immediately as it does with investment according to historical evidence. On the contrary, it affects future production through decreased investment in exploration and development of new fields. However, in the current conditions when oil price hovered above break-even price (price at which it becomes worthwhile to extract) for several years the response of production to price decrease may come more quickly. Especially, it concerns countries which experience high operating costs of oil production, namely United Kingdom, Brazil, Canada, Australia. In these countries oil price slump will affect...
The oil price has fallen by more than 30% since Summer 2014. This affected everyone from producers to consumers. The visualization represents Oil Price Dynamics, Breakeven Oil Price which shows oil prices needed to meet general government expenditure and Marginal Cost of Oil Production which shows the change in total cost of producing one additional barrel of oil.World oil price at $55-$60 / barrel exceeds the cost of Russian Arctic oil production, Europe and Brazil biofuels production, shale and tight oil production in US and Canada and offshore oil extraction in Brazil.State budgets of oil-producing countries will suffer from oil price...
Region: OECD | Americas | North America | Europe | Asia Oceania