The global oil-demand growth forecast for 2017 depends on a bumper Q4
Either Q1-Q4 crude consumption will rise at its fastest pace since 2010, or the data are very wrong
The International Energy Agency's (IEA) latest monthly market report is a sobering read for anyone thinking the market was speeding towards supply-demand balance. OECD stocks rose again in April and are now 292m barrels above the five-year average. That metric is important: Saudi Arabia is using it to judge the effectiveness of Opec's cuts. Production is obviously a culprit. The price rise that followed Opec's decision to start holding back supply last November put rockets under US supply. The Energy Information Administration, part of the US government, expects output from the country's major shale formations to reach 5.48m barrels a day in July, its highest-ever level. Globally, the IEA sa
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
