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IEA September oil market report

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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.

Edited from press release by

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