IEA downgrade oil demand outlook for 2015




Points from IEA’s November Oil Market Report

According to IEA’s November Oil Market Report   ·                 Global oil supply inched up by 0.035 mbd in October to 94.2 mbd. Compared with one year ago, total supply was 2.7 mbd higher as higher OPEC production added to non-OPEC supply growth of 1.8 mbd. Non-OPEC production growth is forecast to ease to 1.3 mbd for 2015 from this year’s 1.8 mbd high. ·                 OPEC output eased by...... Login to view this article


US Crude exports and re-exports continue to rise; some volumes sent to Europe and Asia - EIA

The United States exported 401,000 barrels per day (bbl/d) of crude oil in July 2014 (the latest data available from the U.S. Census Bureau), the highest level of exports in 57 years (Figure 1) and the second highest monthly export volume since 1920, when EIA’s published data starts. Recent crude oil exports are also noteworthy for both their origins and destinations. Typically, crude exports a...... Login to view this article


IEA revises oil demand down for the 2nd month in a row

·                 The forecast of global oil demand for 2014 has been revised 0.2 mbd lower since last month’s Report, to 92.4 mbd, on reduced expectations of economic growth and the weak recent trend. Annual demand growth is now projected at 0.7 mbd in 2014, rising tentatively to 1.1 mbd in 2015, as the macroeconomic backdrop improves. ·                 Global supply rose by almost 0.910 mbd i...... Login to view this article


Increase in tanker operating - Moore Stephens'

Tighter housekeeping by shipowners has stabilised the shipping industy's operating cost. This was reflected in an assessment by accountant and shipping consultant Moore Stephens of total annual operating costs in 2013 with the change of a fall of just 0.3% in 2012, somewhat smaller than the 1.8% average fall in the previous year as crew costs continue to rise. The findings are set out in OpCost...... Login to view this article


McQuilling Services does not see a long-term increase in crude oil demand leading to higher prices justifying storage

In a note headeded, not all contangos are created equal McQuilling says that after the collapse of the global financial system in 2008, crude oil forward curves moved into steep contango.  Fortunes were made in storage asset plays in 2009-2010, which is likely the reason that so much attention is being devoted to the topic today; however, the contango is inherently different today than it was...... Login to view this article


DNB bullish on the tanker market - DNB

According to DNB’s Crude Sector report for September The current 1.1m bpd run rate growth in US crude production coupled with high refinery utilisation leads us to believe that the US will begin to export crude sooner rather than later as the alternative is to curb production growth. US crude exports are likely to result in more tonne-mile demand. Given our view of higher demand and zero fleet...... Login to view this article


Global oil demand growth for 2014 and 2015 curbed - IEA

IEA oil Market reports for September says that global oil demand growth for 2014 and 2015 has been curbed to 0.9 mbd and 1.2 mbd, respectively, to reach 93.8 mbd in 2015. A pronounced slowdown in demand growth in 2Q14 and a weaker outlook for Europe and China underpin the downward revisions.   Global supply was down 0.4 mbd in August, to 92.9 mbd, on lower non-OPEC production. Compared with a...... Login to view this article


About to enter high season with VLCC rates at USD40,000/day - DnB

DnB refers to Reuters, saying oil traders have started fixing crude tankers to bring North Sea, West African and Arab crudes to South Africa for storage to repeat the super profits enjoyed in 2008-2009. The location leaves traders with the option of selling crude both East and West. South Africa’s Saldanha Bay has a large oil storage terminal with capacity of 45 million barrels, equivalent to 4...... Login to view this article


Iran plans to build oil pipeline beyond the strategic Strait of Hormuz - IranFocus

IranFocus reports that a senior official says Iran is planning to build a new oil terminal beyond the strategic Strait of Hormuz. Akbar Torkan, a senior trade official, is quoted by the semi-official ISNA news agency as saying Tuesday that the new terminal will be at Bandar Jask port on the Oman Sea. Iran's sole major crude export terminal is at Khark Island in the Persian Gulf. Torkan didn't...... Login to view this article


Unprecedented newbuilding slippages help the tanker markets - Lloyd’s List

Lloyd’s List reports that EXCEPTIONALLY high slippage will soften the impact of vessel deliveries from the global tanker orderbook , according to consultancy Drewry. Slippage refers to the situation when newbuildings in the orderbook are not delivered from the shipyards onto the water on time. A high level of slippage is seen as a good thing for the tanker market — it means that deliveries of...... Login to view this article