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oil prices, oil trading
The IEA reported yesterday that China has now overtaken the US in terms of energy use and is now officially the world’s biggest combined oil and energy user.
The IEA’s chief economist, said “In the year 2000, the US consumed twice as much energy as China, now China consumes more than the US.”
Saudi Arabia, OPEC’s largest [...]
WTI oil prices shoot higher, trading over $77 a barrel on Tuesday afternoon as the latest IEA oil report paints a world with higher crude oil demand and oil prices too.
US Light crude oil futures were trading up to $77.16 at 16.30 GMT on the NYMEX.
The IEA raised its estimates for global oil demand, which [...]
Oil prices are trading lower on Thursday as the IEA predicts that world crude oil markets are set to remain oversupplied until 2015, the IEA stated in its annual medium term outlook report “comfortable spare capacity” for oil commodities.
The overall tone of the report contrasted with earlier years, when the western countries’ energy watchdog had [...]
In the latest oil market report, the IEA have raised their crude oil demand forecast increase for 2010 to 1.67 million barrels per day, up 100,000 barrels per day, as the world economy recovers from recession.
In its monthly report, the agency said total world oil demand will reach a stunning 86.60 million barrels per day [...]
The IEA has said that China’s demand for oil jumped by an astonishing 28% in January 2010 compared with the same month a year earlier. The IEA added that demand for oil in 2010 would be underpinned by rising demand from emerging markets, with half of all growth coming from Asia.
But the IEA predicted demand [...]
The IEA’s global oil demand forecast will likely be little changed this month, as economic uncertainty in developed nations overshadows emerging market growth, Executive Director Nobuo Tanaka said.
The IEA, which advises oil consuming nations, will release its monthly report on global energy supplies and demand tomorrow in Paris. The US Energy Department and OPEC increased [...]
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 [...]
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