• 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
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance
SUBSCRIBE
DONATE
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance
  FEATURED
Thorold Gas Peaker Plant Won’t Be Built After Unanimous City Council Vote September 20, 2023
Indoor Heat Leaves Canadians Unsafe with ‘No Escape’, CBC Investigation Finds September 20, 2023
Agrivoltaics a Win-Win for Farmers, Communities, Solar Developers, and Alberta’s UCP September 20, 2023
‘Beginning of the End’ for Oil and Gas as IEA Predicts Pre-2030 Peak September 19, 2023
‘Turning Point’ for PR Industry as Clean Creatives Targets Fossil Industry Contracts September 19, 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.

  • The climate news you need. Subscribe now to our engaging new weekly digest.
  • You’ll receive exclusive, never-before-seen-content, distilled and delivered to your inbox every weekend.
  • The Weekender: Succinct, solutions-focused, and designed with the discerning reader in mind.
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

CoCreatr/Flickr
Buildings & Infrastructure

Net-Zero Depends on Household Power Production, Energy Exec Argues

September 14, 2023
132
Pierre Poilievre/Facebook
Energy Politics

Poilievre Could Dial Back Canada’s Climate Gains, Globe Editorial Warns

September 12, 2023
493
Scott Beale/flickr
Energy / Carbon Pricing & Economics

What If Carbon Taxes Applied to Shareholders, Rather Than Consumers?

September 11, 2023
121

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

Jon Sullivan/flickr

Thorold Gas Peaker Plant Won’t Be Built After Unanimous City Council Vote

September 20, 2023
334
/Piqusels

‘Beginning of the End’ for Oil and Gas as IEA Predicts Pre-2030 Peak

September 19, 2023
356
Clean Creatives

‘Turning Point’ for PR Industry as Clean Creatives Targets Fossil Industry Contracts

September 19, 2023
233
William Munoz/Flickr

‘Obituary-Changing’ Revelations Show Exxon’s Tillerson Undermining Climate Science

September 19, 2023
186
HiMY SYeD/flick

Ontario Waits 8 Months to Release Dire Climate Impact Report

September 14, 2023
486
Beckyq6937/Wikimedia Commons

Solar Geoengineering Means ‘Game Over’ for Life on Earth, Critics Warn

September 19, 2023
97

Recent Posts

Rewat Wannasuk/Pexels

Virtual Power Plants Could Cut Peak Demand 20%, Save U.S. Grid $10B Per Year

September 20, 2023
1
Jeremy Bezanger/Unsplash

Indoor Heat Leaves Canadians Unsafe with ‘No Escape’, CBC Investigation Finds

September 20, 2023
1
Wesley Fryer/flickr

Smart Thermostats Boost Grid Stability Amid Intense Heat

September 20, 2023
1
Cullen328/wikimedia commons

Manufactured Housing Could Dent the Affordable Housing Crunch with Energy-Efficient Designs

September 20, 2023
1
Mr Renewables/Wikipedia

Californians Fight for Approval of New Community Solar Plan

September 20, 2023
2
Asurnipal/wikimedia commons

Agrivoltaics a Win-Win for Farmers, Communities, Solar Developers, and Alberta’s UCP

September 20, 2023
1
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
The Energy Mix - Energy Central
No Result
View All Result
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance

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}