gamesindustryblog.com
gamesindustryblog.com May 24, 2017


Oil demand to slow for the 2nd year in a row: IEA

14 April 2017, 02:47 | Elizabeth Houston

IEA says global oil market now close to balance

Global Drawdowns Embolden OPEC and Analysts, but Experts Warn That It May Merely Be a Shifting of Supplies

The International Energy Agency expects growth in the global demand for crude oil to slow for a second consecutive year in 2017.

In its closely watched monthly oil market report, the IEA reduced its forecast for 2017 demand growth to 1.3 million barrels a day, warning that this outlook could still "prove optimistic".

The IEA projected the oil market would likely tighten throughout the year as non-OPEC oil production, not just in the US, is forecast to increase once again.

The IEA forecast that supplies outside the Opec cartel will grow by 485,000 b/d this year partly as a result of the recovery in prices above $50 a barrel, with U.S. production seen 680,000 b/d higher year-on-year by the end of 2017.

The IEA said the oil market was now "very close to balance".

At the end of November, the Organization of Petroleum Exporting Countries (OPEC) agreed to cut output by 1.2 million barrels per day (mb/d) from January 1, initially for a period of six months.

Lampard explains how Hazard has recaptured his best form at Chelsea
Chelsea's previous meeting wth Everton, similarly to United, was a comprehensive game they won 5-0 at Stamford Bridge. If I don't see pressure, I put some on. "Because I think that the pressure gives you the best of yourself".

In December 2016, OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices.

OPEC meets on May 25 to consider whether to extend the supply cut beyond June.

Prices had been nearly unchanged earlier in the day as concerns over rising USA production offset support from data showing the first weekly drawdown in US oil inventories in a month. "We have an interesting second half to come", the agency added.

Oil inventories fell in March but probably showed a rise in the first quarter of this year overall because oil consumers stockpiled crude before the OPEC-led cuts took effect properly, the IEA said.

OECD stocks "drew moderately" in February and the IEA anticipates they will dip down further in March.

World benchmark North Sea Brent crude futures were up 10 cents at US$55.96 a barrel in afternoon trading Arabian Gulf time. "A outcome of extending their output cuts beyond the six-month mark would be bigger implied stock draws, [but] this would provide further support to prices, which in turn would offer further encouragement to the United States shale oil sector and other producers".



Other News

Trending Now

Browns announce 2017 preseason slate of games
Specific dates and times for all of the team's preseason games will be announced by the Browns in the near future. The Browns defeated the Buccaneers, 31-7, during the 2015 preseason, but suffered a lopsided loss last August.

Actor Bradley Cooper and model Irina Shayk welcome first child
However, the Oscar-nominated actor and the Russian supermodel are yet to reveal the gender or name of their child. Last December there were rumors of engagement when Irina was spotted with a giant emerald ring on her left hand.

Mental Health Group calls for improved support networks, awareness on mental health
GLOBAL communities will observe World Health Day on Friday, April 7, with focus on the theme, " Depression, Let's Talk ". Suicide claims the lives of more than 500 people every day in the WHO's Western Pacific region.

Trump suggests Susan Rice unmasking requests may be criminal
Senior intelligence agency officials then decide whether that information can be provided without violating the legal guidelines . Rice has denied any impropriety. "I think he shouldn't have settled; personally I think he shouldn't have settled", said Mr.

'Two-thirds of Great Barrier Reef hit by mass coral bleaching'
Coral bleaching is caused by rising water temperatures resulting from two natural warm currents. The warming waters causing the bleaching probably have to do with global warming.

Former USC Pitcher Will Make MLB Debut For The Yankees
Pineda's ability to miss bats with his mid-90s fastball, slider and changeup is the reason NY has been so patient with him. Montgomery threw five strong innings with High-A Tampa on Thursday, allowing one unearned run and striking out eight.

News camera captures man rescuing dog from frozen pond
The frantic man leaped into a frozen pond near Edmonton, Alberta , to save his pup after he fell through the ice. A Canadian TV news crew captured video of a man plunging into an icy pond to rescue his dog, Cosmo.

Airstrikes on Syria might also send message to North Korea
US President Donald Trump speaks at a press conference in the Rose Garden at the White House on April 5, 2017. North Korea is not afraid of President Donald Trump's strikes on Syria, a state-run media outlet said Sunday.

Dodge Challenger SRT Demon Releases Final Video Teaser 'Judgement Day'
Just like in the previous teasers, Dodge shows the 2018 Dodge Challenger SRT Demon in an undisclosed Dodge test facility. With the new bits plugged in, the Demon's V8 can adjust its spark timing to take advantage of the higher-octane fuel.

United States claim doubles success to keep Davis Cup hopes alive
Australia's Sam Groth and John Peers are not low-ranked journeymen, as was the Swiss team Adrien Bossel and Henri Laaksonen. But the U.S hasn't won the Davis Cup since 2007, Australia since 2003.