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oil prices, oil trading
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Countries must brace for a return to wild oil price swings as the global economy recovers, the head of the IEA has warned. “Volatility has receded compared to the roller coaster of 2007 and 2008,” Nobuo Tanaka told reporters on the sidelines of an energy forum in Tokyo.
“But the market could easily become again more [...]
The IEA yesterday held an “Oil Price Formation Workshop” in Tokyo with the Institute of Energy Economics Japan, including over 80 participants from the oil industry, financial institutions, regulators and exchanges.
The IEA stated that greater transparency of oil supply and oil demand data and a global effort to improve regulation of over the counter markets [...]
The IEA said on Friday that world oil stocks can absorb the loss of supply from Iran for a year and this should have a calming effect on the oil market.
Iran is OPEC’s second largest producer and concerns that the row with the US and its allies over Tehran’s nuclear programme may lead to a [...]
In spite of a winter that has been colder than normal, heating oil demand in industrialised countries this quarter is down thirteen percent from last year, says the IEA.
Conventional wisdom and common sense would suggest that cold weather increases heating oil demand, which lifts demand for crude, and higher demand leads to higher oil [...]
The IEA says that crude oil demand has peaked in the developed world and will never return to 2006 and 2007 levels because of more fuel efficiency and the use of alternatives, the chief economist of the IEA said on Thursday.
The bold prediction, while made previously by some analysts, is significant because the IEA advises [...]
The IEA is to meet with OPEC, banks and US and UK regulators in Tokyo in February 2010 to discuss limiting oil price speculation.
IEA Executive Director Nobuo Tanaka said today he has asked US Commodity Futures Trading Commission Chairman Gary Gensler, officials of the UK Financial Services Authority, and bank executives including Lawrence Eagles, head [...]
Turkey dipped below the IEA’s required oil stock level in October 2009, below the 90 day rule, the latest data shows, but the country expects November data to show its stock levels to be back in line with the requirement, an official from the IEA said Tuesday. According to the IEA data for October, Turkey’s [...]
The IEA cut its forecast for oil supply from outside OPEC member countries for 2010 because of lower than expected production in Azerbaijan.
Non OPEC member countries, accounting for about 60 percent of the global total, will provide 51.5 million barrels a day in 2010, or 150,000 barrels a day less than previously estimated, the Paris-based [...]
New Zealand in a move to meet the obligations set by the IEA, has secured net oil reserve for the year 2010, as stated by Energy and Resources Minister Gerry Brownlee. The nation needs to hold 90 days of the previous year’s net oil imports as mandated by IEA.
Additional oil reserves, secured through an international [...]
In the latest December 2009 IEA oil market report, the IEA has raised its projection for average global oil consumption during 2009-14 by 1.9 million b/d in an update to the medium term market forecast it published last June, the update appeared in IEA’s December Oil Market Report.
The increase in projected demand from the June [...]
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