IEA raises forecast for global oil demand this year
IEA raises forecast for global oil demand this year
Oil prices climb on stronger demand
14 July, 2017, 15:25
Some of the biggest oil producers have opened up the taps in the past month, undermining the push to cut supply, according to the latest assessment from the International Energy Agency.
OPEC's compliance with cuts slumped to 78 percent last month from 95 percent in May as higher-than-allowed output from Algeria, Ecuador, Gabon, Iraq, the UAE and Venezuela offset strong compliance from Saudi Arabia, Kuwait, Qatar and Angola, the IEA said.
"And success is judged over the whole period rather than in one month", the IEA said.
While the oil production benchmark in the budget was 2.2 million barrels per day (mbpd), Nigeria is now producing about 1.7mbpd of oil without condensate, and was still within the price band of $42.50 per barrel which the budget has.
Over the past year, oil production in the U.S. has increased by more than 10% to 9.4 million bpd.
It said demand for OPEC´s crude was forecast to rise steadily through 2017 and reach 33.6 million bpd in the fourth quarter - up 1 million bpd on OPEC´s June output.
The IEA said the non-OPEC producers who volunteered to cut production were actually better at sticking with the deal in June. "We still are below the 1.8 million barrel a day benchmark set for us by OPEC", he said.
"A revised oil price forecast that is $2 to $4 per barrel lower for late 2017 and during 2018 than the prior forecast will make it less profitable for some USA producers to drill for oil", he said.
Legacy Reserves LP, Exco Resources Inc., Alta Mesa and EOG are among 34 oil producers that since 2015 have formed drillcos worth more than $2.05 billion. And Barclays is also gloomy - their analysts say forget oil prices moving back above $US50 a barrel this northern summer. Daily and monthly average prices could vary significantly from this forecast because global economic developments and geopolitical events in the coming months have the potential to push oil prices higher or lower than the current Short-Term Energy Outlook (STEO) price forecast. OPEC decided late previous year to reduce its output by 1.2 million barrels a day to 32.5 million starting January 1. However, lasting price movements could be limited over the next year because some USA tight oil producers have used financial instruments to guarantee a price above $50/b for their expected production.
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We can no longer go on with these huge areas of regional imbalances across the U.K., these areas of unemployment". In return, Mr Barnier gave the Labour leader a 1948 railway tourism poster of his native Savoie region.
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More comfortable weather arrives on Friday night as a cold front moves through the area and delivers cooler temperatures. Drink plenty of fluids, stay in an air-conditioned room, stay out of the sun and check up on relatives and neighbors.
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