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.
It's a one pager PDF full of live links to energy-related data, statistics, and dashboards from leading industry sources. It will be a useful resource for any analyst, business executive, or researcher with an interest in the oil & gas industry, energy companies, biofuels and much more.
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Brent crude oil price will average at $51.1 per barrel in 2017 and increase to $51.6 per barrel in 2018 according to the most recent forecast from the U.S. Energy Information Administration's Short-Term Energy Outlook released monthly. However, the real price of a barrel of Brent oil - i.e. price adjusted for inflation - will slightly decrease to $50 in 2018 as predicted by OECD in its June's Economic Outlook. After a modest growth in 2018 though, the nominal price of Brent crude will increase to $53.5 a barrel by 2020, as per IMF's Primary Commodity Prices Projections released in July. So will do the West Texas Intermediate oil prices...
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...
The number of oil and gas drilling rigs decreases worldwide, due to the falling oil prices, which are below the marginal production cost in many oil-producing countries now. In several U.S. states the quantity of oil rigs, which strongly increased during the shale boom in 2009-2014, has already reached historically low levels. As the history shows, the decrease in rig count may last for a long time in case of low oil prices. During six years from 2008 to 2014 the number of rigs for natural gas production has decreased 5 times (from 1600+ in Sep 2008 to 340 currently, check the graph at the bottom of the page). Sources: Baker Hughes...