2015: OIL DEMAND IS HIGHER
In its April Oil Market Report, the International Energy Agency raised its forecast of 2015 global oil demand by 90,000 b/d to 93.6 million b/d, a gain of 1.1 million b/d on the year and a notable acceleration of the 700,000-b/d growth in 2014, as the global economy slowly gains momentum. Colder-than-year-earlier temperatures in most Organization for Economic Cooperation and Development economies in this year's first quarter also accounted for part of the upward revision.
Since bottoming out at a 5-year low of 270,000 b/d year-on-year in second-quarter 2014, global growth has steadily strengthened, rising to a one-and-a-half-year peak of 1.3 million b/d year-on-year in this year's first quarter.
Global supply rose an estimated 1 million b/d month-on-month in March to 95.2 million b/d. Supplies from the Organization of the Petroleum Exporting Countries surged to 31.02 million b/d in March, up 890,000 b/d on February, as top exporter Saudi Arabia ramped up output towards record rates while Iraq and Libya rebounded strongly.
Estimated non-OPEC oil production rose 100,000 b/d to 57.7 million b/d in March, led by the US, with Russia also contributing.
Compared with last month's report, the forecast for North American production for this year's second half has been adjusted downward by 160,000 b/d on a slightly negative outlook for the US and Canada.
OECD industry stocks slipped 1.7 million bbl in February, despite a massive 36.4 million bbl build in crude oil stocks. Preliminary data show OECD inventories rising counter-seasonally in March, by 29.2 million bbl, as US crude holdings extended recent builds and refined products defied seasonal trends.
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AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.
ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.
FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.