• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
The climate news that makes a difference.
No Result
View All Result
The Energy Mix
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
  FEATURED
BP Predicts Faster Oil and Gas Decline as Clean Energy Spending Hits $1.1T in 2022 January 31, 2023
Canada Needs Oil and Gas Emissions Cap to Hit 2030 Goal: NZAB January 31, 2023
Ecuador’s Amazon Drilling Plan Shows Need for Fossil Non-Proliferation Treaty January 31, 2023
Rainforest Carbon Credits from World’s Biggest Provider are ‘Largely Worthless’, Investigation Finds January 31, 2023
Danske Bank Quits New Fossil Fuel Financing January 23, 2023
Next
Prev

IEA Bearish On Oil Price As OPEC, U.S. Maintain Output

September 14, 2016
Reading time: 2 minutes

Leonard G/Wikimedia Commons

Leonard G/Wikimedia Commons

 
Leonard G/Wikimedia Commons
Leonard G/Wikimedia Commons

The International Energy Agency is forecasting a fourth year of surplus in global oil production and rising inventories of unsold crude through 2017, “as demand growth slumps and supply proves resilient,” Bloomberg reports.

The advisory reverses the IEA’s position of just a month ago that global oil markets would return to a balance of supply and demand next year. Instead, Bloomberg writes, “consumption growth sagged to a two-year low in the third quarter as demand faltered in China and India, while record output from OPEC’s Gulf members is compounding the glut.” Meanwhile, the usual summer surge in North American gasoline consumption failed to materialize, further suppressing demand.

  • Be among the first to read The Energy Mix Weekender
  • A brand new weekly digest containing exclusive and essential climate stories from around the world.
  • The Weekender:The climate news you need.
New!
Subscribe

The IEA’s forecast confirmed other reports linking unexpectedly resilient U.S. shale oil production, and a number of new oilfields coming online in non-OPEC countries, to the producer cartel’s inability to support higher crude prices through production discipline.

Reuters also forecast an increase in U.S. crude inventories, alongside an eleventh straight month of declines in American shale oil production in October. In another report, the same agency noted that the start-up of Kazakhstan’s Kashagan oilfield had prompted OPEC to reverse its previous prediction that non-OPEC production would decline in 2017. OPEC now says non-cartel production will grow by 200,000 barrels per day next year.

Meanwhile, members of the international oil cartel are themselves pumping oil at near-record rates in a desperate scramble for national cash flow, further dimming prospects for a coordinated production cutback that might raise global prices.

“Fundamentally, there’s little support for crude despite its attempts to hold to a bottom of US$45 on empty OPEC talk of production cuts,” Phil Davis, a trader at PSW Investments, told Reuters.



in Energy / Carbon Pricing & Economics

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

Ken Teegardin www.SeniorLiving.Org/flickr
Clean Electricity Grid

Virtual Power Plants Hit an ‘Inflection Point’

January 31, 2023
124
EcoAnalytics
Media, Messaging, & Public Opinion

Albertans Want a Just Transition, Despite Premier’s Grumbling

January 23, 2023
322
Climate Denial & Greenwashing

Exxon Had the Right Global Warming Numbers Through Decades of Denial: Study

January 17, 2023
229

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

Mike Mozart/Flickr

BP Predicts Faster Oil and Gas Decline as Clean Energy Spending Hits $1.1T in 2022

January 31, 2023
322
Gina Dittmer/PublicDomainPictures

Canada Needs Oil and Gas Emissions Cap to Hit 2030 Goal: NZAB

January 31, 2023
196
Ken Teegardin www.SeniorLiving.Org/flickr

Virtual Power Plants Hit an ‘Inflection Point’

January 31, 2023
124
Doc Searls/Twitter

Guilbeault Could Intervene on Ontario Greenbelt Development

January 31, 2023
132
RL0919/wikimedia commons

Danske Bank Quits New Fossil Fuel Financing

January 23, 2023
2.4k
/snappy goat

Rainforest Carbon Credits from World’s Biggest Provider are ‘Largely Worthless’, Investigation Finds

January 31, 2023
94

Recent Posts

CONFENIAE

Ecuador’s Amazon Drilling Plan Shows Need for Fossil Non-Proliferation Treaty

January 31, 2023
61
Victorgrigas/wikimedia commons

World Bank Climate Reforms Too ‘Timid and Slow,’ Critics Warn

January 31, 2023
42
United Nations

Salvage of $20B ‘Floating Time Bomb’ Delayed by Rising Cost of Oil Tankers

January 27, 2023
121
@tongbingxue/Twitter

Extreme Warming Ahead Even as Worst-Case Scenarios Grow ‘Obsolete’

January 23, 2023
341
Rachel Notley/Facebook

Notley Scorches Federal Just Transition Bill as Fossil CEO Calls for Oilsands Boom

January 23, 2023
313
EcoAnalytics

Albertans Want a Just Transition, Despite Premier’s Grumbling

January 23, 2023
322
Next Post

Gas pipelines run over EU energy policy

The Energy Mix - The climate news you need

Copyright 2023 © Energy Mix Productions Inc. All rights reserved.

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Proudly partnering with…

scf_withtagline
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}