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2016-07-08 18:20:00

IEA: NEGATIVE OIL PRICES

IEA: NEGATIVE OIL PRICES

 

OIL PRICES JUNE - JULY 2016

 

OIL PRICES JULY 2015 - JULY 2016

 

According to IEA, the current oil price environment has had a negative impact on oil investments, hurt energy efficiency and boosted the share of oil produced in the Middle East.

The latest data from the IEA showed that investments in the oil sector declined in 2015, and then again in 2016, the first consecutive two-year drop in three decades. The industry cut more than $300 billion in spending in two years, or 42 percent of the total, an unprecedented downturn, even taking into account significant reduction in costs. North America accounted for about half the drop. If prices remain at current levels, a significant rebound appears unlikely in 2017.

The latest data also points out that Middle East oil supply has reached historically high levels, exceeding 31 million barrels per day. The region now accounts for 35 percent of global oil supplies, the highest level since 1975. This growth in production, from Saudi Arabia, Iraq and Iran, highlights the fact that low-cost producers in the Middle East remain central to oil markets. Production from the Middle East is expected to account for most of the world's demand growth this year.

Lastly, the lower oil and gasoline prices are also hurting energy efficiency trends in some countries, particularly in the transportation sector where they have given a boost to the sale of sport utility vehicles. Consumers have moved away from energy-efficient vehicles that they favored when oil prices were higher. In the United States, SUV sales are now 2.5 times higher than light duty vehicles. In China, SUV sales are 4 times higher than light duty vehicle sales.

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Earlier: 

OIL MARKET BALANCE 2017 

IEA: OIL DEMAND UP 

IEA TRUSTS SAUDI 

OIL DEMAND GROWTH 

IEA: OIL INVESTMENT 

IEA: ENERGY IS A KEY 

ENERGY EFFICIENCY: $18 TRILLION 

RENEWABLE ENERGY: GROWING RISKS 

IEA: $1 TRLN INVESTMENTS 

IEA: OIL MARKET 2014-15 

IEA: WORLD SAVED $3.5 TRILLION 

IEA: EUROPE MUST INVEST 

IEA: OIL DEMAND DROP 

IEA: SMALL UP

 

 

 

 

Tags: IEA, OIL, PRICES, INVESTMENT

Chronicle:

IEA: NEGATIVE OIL PRICES
2018, October, 17, 10:05:00

U.S. IN EUROPE

REUTERS - The United States must not determine European energy policy or decide whether Germany buys Russian gas, a top German diplomat said on Tuesday.

IEA: NEGATIVE OIL PRICES
2018, October, 17, 10:00:00

TOTAL IN RUSSIA: THE LARGEST

FT - “Total has great ambition in this country, we want to be the largest foreign oil and gas player here,” the company’s chief executive Patrick Pouyanné said on Monday at the launch of a factory outside Moscow. 

IEA: NEGATIVE OIL PRICES
2018, October, 17, 09:55:00

PETROBRAS - CNPC COOPERATION

PLATTS - Petrobras is to form two joint venture companies with China National Petroleum Corp. (CNPC) to complete construction of a refinery and revitalize four mature fields in the offshore Campos Basin, the state-owned Brazilian company said

IEA: NEGATIVE OIL PRICES
2018, October, 17, 09:50:00

NORWAY'S DEFENCE

BLOOMBERG - The wealth fund’s initial case had focused on limiting Norway’s exposure to a drop in oil prices, given its status as western Europe’s biggest petroleum producer. When the proposal was first made last year, it rocked markets, and drew responses from a number of major investors.

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