IEA warns of oil supply security risks, price hikes

The International Energy Agency (IEA) is warning consumers of a hike in oil prices and supply security risks. In its latest Medium Term Oil Market Report, the IEA said it expects prices to start recovering in 2017 as the market “will begin rebalancing”. It notes that while oil prices should start to rise gradually, the […]

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 […]

North Sea oil leak shuts down pipeline

A leak at an oil platform in the North Sea off the coast of Scotland has forced a pipeline and at least eight platforms to close and affected 27 oil fields, it was confirmed yesterday. The leak at the Cormorant Alpha oil platform (pictured) which is located 232 miles offshore from Peterhead and 94 miles from […]