Shell to cut $9bn from operational costs to weather oil prices crash during coronavirus

The oil giant said it “is taking immediate steps to ensure the financial strength and resilience of our business”

Coronavirus crisis has ‘severe impact’ on global energy and oil markets

Global oil demand in 2020 will be down around 90,000 barrels a day from 2019, according to the latest report from International Energy Agency

IEA: Rising consumption of plastics to drive oil demand growth

Petrochemicals – i.e. components derived from oil and gas used in daily products like plastics, clothing and detergents – are to account for more than a third of growth to 2030

IEA: Growth of EVs won’t reverse rising oil demand

Rising oil demand will be slowed down but will not be reversed even as the sale of electric vehicles (EVs) rise “steeply” in the next two decades. That’s according to the International Energy Agency (IEA), whish forecasts global oil demand will continue to grow to 2040, although at a steadily decreasing pace. Fuel efficiency and […]

China’s oil demand growth ‘slowed in June’

China saw its oil demand growth slow in June this year. It rose 4.1% to 11.25 million barrels per day (b/d) from a year earlier, according to new statistics. That’s in contrast to a year-over-year increase of around 10% seen in the last three months. Mriganka Jaipuriyar, Platts Associate Editorial Director for Asia Oil News […]

China’s oil needs hit “second highest level since 2005”

Chinese demand for oil in September shot to the second-highest level since 2005, estimate Platts analysts. Apparent oil demand in September rose to 42.34 million metric tons (mt), or an average 10.35 million barrels per day (b/d). That’s a jump of 7.4% from the same month a year ago, suggests the analysis of Chinese government data. […]

IEA cuts 2015 global oil demand forecast

The International Energy Agency (IEA) has trimmed global oil demand growth for the rest of the year and 2015, calling the recent slowdown in demand “nothing short of remarkable”. Its latest Oil Market Report expects global demand to rise by 0.9 million barrels per day (mb/d) this year – 65,000 b/d less than previously predicted […]

IEA lowers oil demand growth forecast

Oil demand across the globe will rise less than previously thought, according to the International Energy Agency (IEA). In its latest Oil Market Report, the IEA trimmed its projection for growth in global demand to one million barrels a day (b/d) – down 180,000 b/d. It cited lower-than-expected deliveries in the second quarter and a […]

IEA wants oil group to pump out more

The International Energy Agency is advising the Organisation of Petroleum Exporting Countries (OPEC) to pump out more oil as demand rises. In its February oil report, the group said a call on OPEC crude oil should stay the same for the first part of 2014 at 29 million barrels per day. But this call is […]

World will want more oil predicts OPEC

OPEC expects growth in demand for oil across the world to be higher than expected in 2014. The Middle Eastern oil group said demand is expected to rise to around 1.1 million barrels per day. In its monthly oil market report released this week, it revised demand up by 50 thousand barrels of oil per […]