IEA September oil market report
Published by Angharad Lock,
Digital Assistant Editor
Hydrocarbon Engineering,
The International Energy Agency (IEA) has released its September oil market report.
Highlights from the report
- Oil prices hit a six year low in August, and this is expected to cut non-OPEC supply in 2016 by nearly 0.5 million bpd. Lower output in the US, Russia, and North Sea is anticipated to drop overall non-OPEC production to 57.7 million bpd. US light tight oil, the driver of US growth, is forecast to shrink by 0.4 million bpd next year.
- August OPEC crude supply decreased to 31.57 million bpd, a decrease of 220 000 bpd. This was led by declines in Saudi Arabia, Iraq and Angola. The group’s output showed an y/y increase of 1.2 million bpd.
- OECD oil inventories increased by a further 18 million bbls in July to a record 2923 million bbls.
- Robust refinery throughput pushed crude stocks 9.9 million bbls lower, while refined products increased by 26.7 million bbls.
- Global oil demand growth is expected to climb to a five-year high of 1.7 million bpd in 2015, before moderating to a still above-trend 1.4 million bpd in 2016 thanks to lower oil prices and a strengthening macroeconomic backdrop.
Read the article online at: https://www.hydrocarbonengineering.com/refining/11092015/iea-september-oil-market-report-1386/
You might also like
Get connected
Industrial operators that take advantage of the latest digital and automation asset performance management (APM) tools can look forward to improved operational efficiency, reduced downtime, and a proactive maintenance culture. Stacey Jones, ABB Energy Industries, explains.