‘Murkier’ global oil outlook, IEA warns

It may take longer than expected to balance the world oil markets, with the outlook “only getting murkier”. That’s on the back of the potential approach of a final Iranian nuclear deal and a sharp hike in output in the Middle East, according to the International Energy Agency (IEA). In its Oil Market Report for […]

OPEC must boost oil output, says IEA

Oil production has to be increased in Organisation of Petroleum Exporting Countries (OPEC) in the second half of the year in order to meet global demand, according to the IEA. Its latest Oil Market Report suggests world oil demand growth will be slightly higher than previously estimated this year – at 1.32 million barrels per […]

Cut in global oil supply over August

There was a drop in global oil supply during the month of August, according the latest Oil Market Report from the International Energy Agency (IEA). Production fell by 770,000 barrels per day (b/d) to 91.59 million b/d, with cuts in output from both Middle Eastern group the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC […]

IEA trims 2014 oil demand growth prediction

The International Energy Agency (IEA) has trimmed its forecast for global oil demand as a result of weaker than expected economic growth. Global oil demand growth this year was expected to remain largely unchanged from last year at around 895,000 barrels per day (b/d) – 30,000 b/d less than in 2012. In its latest Oil […]

Global oil demand forecast to reduce in 2013

The International Energy Agency (IEA) has lowered its forecast for oil demand this year as it suggests global economy remains fragile. In its latest monthly Oil Market Report, the IEA has estimated global oil demand would stand at 90.7 million barrels a day (b/d), which is 90,000 b/d lower that the forecast made last month. […]

Slow economic growth could reduce oil demand, says IEA

Global demand for oil is expected to fall next year due to a slow-down in economic growth, according to the International Energy Agency (IEA). Its ‘Oil Market Report’ (OMR) showed oil demand would grow only by around 900,000 barrels a day this year. For 2013, weaker economic growth worldwide could cut 400,000 barrels a day […]