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.
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...
This year the U.S. has averaged more than 900,000 barrels per day (BPD) of crude oil exports while continuing to import an average of 8.1 million BPD. From 1975 until late 2015, a crude oil export ban restricted crude oil exports from the U.S. to all countries besides Canada. In the years leading up to the U.S. shale oil boom, the U.S. was exporting less than 30,000 BPD to Canada. Canada remains the predominant destination for U.S. crude oil exports, but because of the repeal of the crude oil export ban, the U.S. exported crude oil to nearly 30 countries last year. By 2016, the total had grown to 591,000 BPD of U.S. crude oil exports. Thus...
Source: BP Statistical Review of World Energy, June 2015 (Prices)