Oil supply could fall behind demand by 2020

Global oil supply could struggle to keep pace with demand after 2020 unless new projects are approved soon. That’s according to the latest five-year oil market forecast from the International Energy Agency (IEA), which says this would be likely to cause a sharp increase in prices. The report suggests the global picture appears comfortable for the next […]

OPEC members acheive 91% of oil cuts

The 10 OPEC members obligated to cut oil production achieved 91% of their target in January. That’s according to a report from S&P Global Platts, which says output has fallen by 1.14 million barrels a day (b/d) since October, just under the reduction target of 1.2 million b/d set in a landmark agreement last year. The group […]

UK oil production up, new field developments down

The UK saw an increase in oil production by around 100,000 barrels per day (b/d) last year but new field developments have declined. The largest contribution came from fields that were brought online in the second half of 2014, according to the US Energy Information Administration (EIA). It added “significant” increases also came from fields […]

Iraq second behind US in global oil supply in 2015

Iraq was the second leading contributor to the growth in global oil supply last year, behind only the US. Crude oil production in Iraq averaged four million barrels per day (b/d) in 2015, almost 700,000 b/d above the 2014 level. The country is the second largest oil producer in the Organisation of the Petroleum Exporting […]

Canadian oil production to continue rising

Oil production in Canada is expected to continue increasing through 2017 despite lower crude prices. Canadian oil sands projects that were already under construction when prices started to fall in 2014 and those expected to begin production in the next two years will be the main drivers of growth, according to a new report. The […]

EU authorises €8.1m aid for Finnish oil production plant

The European Commission has authorised an investment worth €8.1 million (£6.7m) for an oil production plant in Finland. The Commission said it found that Finnish plans to grant the investment “are in line with EU State aid rules” and will not distort competition in the market. The main aim of state aid control is to […]