Global Oil Market Faces a Million-Barrel Glut Next Year
Global oil markets face a surplus of more than 1 million barrels a day next year as Chinese demand continues to falter, the International Energy Agency said.
World Demand for Diesel Likely to Fall
The world’s demand for diesel is forecast to fall this year, a rare event for the fuel that powers swaths of the global economy.
November 5, 2024Oil Surplus Looms if OPEC+ Hikes Supplies, IEA Data Shows
Global oil markets are poised to swing from a deficit to a surplus next quarter should OPEC+ proceed with plans to boost supplies, data from the International Energy Agency showed.
Global Oil Demand Growth Slows Further as China Cools
Global oil demand growth slowed to its weakest in more than a year last quarter as the post-pandemic rebound in China fades, the International Energy Agency said.
Global Oil Demand Hits Record and Prices May Climb, IEA Says
Global oil demand has surged to a record amid robust consumption in China and elsewhere, threatening to push prices higher, the International Energy Agency said.
IEA Cuts Oil Demand Outlook on Virus
The International Energy Agency cut forecasts for global oil demand “sharply” for the rest of this year as the resurgent pandemic hits major consumers, and predicted a new surplus in 2022.
Oil Declines as OPEC’s Supply Is Seen at Highest Level This Year
Oil declined after tanker-tracker Petro-Logistics SA said OPEC’s supply in July will be the highest this year.
Oil Glut Will Persist Into 2017 as IEA Sees Prices Capped
The global oil glut will persist into 2017, limiting any chance of a price rebound in the short term as the surplus takes even longer to clear than previously estimated, according to the International Energy Agency.
Oil Glut to Stay in 2016 as Demand Growth Slows
Global oil markets will remain oversupplied next year as demand growth slows and Iranian exports are poised to recover with the lifting of sanctions, the International Energy Agency said.