Finance

Things You Need To Know From The World Energy Outlook 2017

Things You Need To Know From The World Energy Outlook 2017

Global oil demand growth looks likely to increase more slowly over the coming months, as warmer temperatures cut consumption, which may tilt the market back into surplus in the first half of next year, the International Energy Agency said on Tuesday.

At the time of writing, Brent crude oil prices were trading 0.54 per cent lower at $62.82 per barrel while USA benchmark West Texas Intermediate (WTI) prices were down 0.48 per cent at $56.49 per barrel.

Crude prices came under pressure after the EIA revealed a somewhat downbeat outlook for oil demand in its monthly report, forecasting weakness in global demand growth, while warning that global oil markets will be oversupplied through the second quarter of 2018.

Just last week, prices for both crude benchmarks hit their highest levels since 2015.

Crude oil stocks in the US were seen down 2.850 million barrels, while distillates were expected to post a drop of 1.775 million barrels and gasoline inventories expected down 1.025 million barrels.

However, this is expected to cut only 2.5 million barrels per day (bpd), or about 2 percent, off global oil demand by that time.

OPEC and some non-OPEC producers including Russian Federation have been withholding production this year to end years of oversupply.

"The oil market faces a hard challenge in 1Q18 with supply expected to exceed demand by 600,000 bpd followed by another, smaller, surplus of 200,000 bpd in 2Q18", the agency said.




By the mid-2020s, the U.S. is projected to become the world's largest LNG exporter and a net oil exporter by the end of that decade, said IEA.

IEA executive director Fatih Birol said "the US becomes the undisputed leader for oil and gas production for decades, which represents a major upheaval for global market dynamics".

Global oil demand is expected to keep rising over the next two decades, albeit at a steadily decreasing pace, according to a new report released Tuesday by the International Energy Agency.

According to the IEA, China will overtake the United States as the largest oil consumer around 2030, and its net imports will reach 13 million barrels per day in 2040.

The IEA, which tracks the energy for 29 countries, said the USA - once reliant on imports - is becoming the "undisputed global oil and gas leader". The largest contribution to demand growth - nearly 30 per cent - would come from India, whose share of global energy would rise to 11 per cent by 2040, it said.

OPEC meets on November 30 and is expected to agree an extension to its output cuts.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.5 million barrels, EIA said.


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