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
17 July 2025
US downstream sector in key state feels the pain of high costs, an environmental squeeze and the effects of broader market trends
16 July 2025
Crude quality issues are an often understated risk to energy security, highlighted by problems at a key US refinery
15 July 2025
Government consultations on the windfall tax and the exploration licence ban are positive steps, but it is unclear how long it will take for them to yield tangible outcomes
15 July 2025
A brutally honest picture about the potential role of oil and gas in 2050 should prompt policymakers to not only reflect but also change course to meet vital energy needs
