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IEA Sees Strongest Global Oil-Demand Growth in Two Years

IEA Sees Strongest Global Oil-Demand Growth in Two Years thumbnail

Global oil demand will climb this year by the most since 2015, the International Energy Agency said, amid stronger-than-expected consumption in Europe and the U.S.

The IEA, which advises most major economies on energy policy, increased its estimate for demand growth in 2017 by 100,000 barrels a day to 1.6 million a day, or 1.7 percent. The re-balancing of oversupplied world markets is continuing, it said, with OPEC supplies falling for the first time in five months and inventories of refined fuels in developed nations subsiding toward average levels.

“Demand growth continues to be stronger than expected, particularly in Europe and the U.S.,” the Paris-based agency said in its monthly report.

The impact of Hurricane Harvey, which struck Texas last month, on global oil markets is “likely to be relatively short-lived,” the IEA said. Local stockpiles were at “comfortable” levels before the storm hit, while releases from government reserves and plentiful imports from Europe allayed any shortage.

Oil prices remain below $50 a barrel in New York, less than half the level traded three years ago, as the Organization of Petroleum Exporting Countries and fellow producers struggle to clear a global glut despite cutting their output for almost nine months. Still, the IEA’s report shows producers are having some success in their goal of reducing bloated oil inventories back to typical levels.

Markets Tightening

Stockpiles of refined fuels in developed nations were close to their five-year average in July, and could fall to or below this level “very soon,” according to the IEA. Crude oil inventories were steady in the same month, when they typically increase.

“Based on recent bets made by investors, expectations are that markets are tightening and that prices will rise, albeit very modestly,” the agency said.

OPEC improved its implementation of the accord to reduce supply last month, to 82 percent from 75 percent. Its 10 partners fully delivered on their pledged cutbacks for the first time since the agreement started in January, as Russia and Kazakhstan conducted seasonal maintenance work at oilfields, the IEA said.

Nonetheless, if OPEC keeps output at current levels the group is unlikely to reduce stockpiles “dramatically” either this year or even in 2018, Neil Atkinson, the head of the IEA’s oil markets and industry division, said in a Bloomberg television interview.

Although the oil market “coped relatively well” with the disruption caused by this year’s storms, the damage to U.S. facilities will still be felt, according to the report. The country’s production was curbed by about 200,000 barrels a day in August and 300,000 a day in September.

RIGZONE



38 Comments on "IEA Sees Strongest Global Oil-Demand Growth in Two Years"

  1. Outcast_Searcher on Thu, 14th Sep 2017 12:43 pm 

    But this is all clearly impossible. Just ask the ETP devotees.

  2. Cloggie on Thu, 14th Sep 2017 12:50 pm 

    The economy IS picking up.

  3. GregT on Thu, 14th Sep 2017 1:19 pm 

    The eCONomy is being fuelled by austerity, historically low interest rates, and exponentially growing mountains of unrepayable debt. Considering that debt is a claim on future production, it really should not be that diffucult to see where this is all heading.

    Oh yah, Rigporn.

  4. Davy on Thu, 14th Sep 2017 1:20 pm 

    China’s rate of growth is clearly slowing for multiple reasons. They may be nearing the end of the stockpiling of oil. I think it is a bit early to call for growth or significant decline. It is pretty obvious all is not well with the global economy so my bet is on a slow down. I would also acknowledge the strong start of a renewable transformation and their associated transport side with EV’s. Not much yet with EV’s but the potential is there. That will create further headwinds on oil consumption growth.

  5. GregT on Thu, 14th Sep 2017 1:34 pm 

    IMF sees US fading as growth engine

    “The world is leaning less on its biggest economy to sustain the global recovery, according to the International Monetary Fund.”

    “The IMF says China, Japan, the EU and Canada will be key to global growth in the future.”

    https://tinyurl.com/y8k4klzk

  6. Dredd on Thu, 14th Sep 2017 2:34 pm 

    Sick.

  7. Antius on Thu, 14th Sep 2017 2:37 pm 

    The IMF has a record of complete failure when predicting future economic performance.

    http://www.ft.com/cms/s/2/14e323ee-e602-11e3-aeef-00144feabdc0.html?ft_site=falcon&desktop=true

    Growth in global financial assets has been weak since 2007.
    http://static6.uk.businessinsider.com/image/54dc0f40dd0895de108b45c0-960/screen%20shot%202015-02-11%20at%209.09.02%20pm.png

    Global exports in current dollars have peaked. Government debt in the world’s leading economies is at its highest levels since WW2.

  8. dave thompson on Thu, 14th Sep 2017 3:07 pm 

    Strong oil demand means all those alt energy systems are using more and more oil to get up and running. The result being that the more alt energy the more oil use. Think about it.

  9. Go Speed Racer on Thu, 14th Sep 2017 5:18 pm 

    I don’t get it.
    I thought nobody wants oil anymore
    because it’s obsolete.

  10. Go Speed Racer on Thu, 14th Sep 2017 5:20 pm 

    I like that eCONomy Greg. So true.

  11. Boat on Thu, 14th Sep 2017 5:31 pm 

    greggiet,

    GregT on Thu, 14th Sep 2017 1:19 pm

    Let’s breakdown your bs.

    “The eCONomy is being fuelled by austerity”

    Austerity – Wikipedia
    https://en.wikipedia.org/wiki/Austerity
    Austerity is a political-economic term referring to policies that aim to reduce government budget deficits through spending cuts, tax increases, or a combination of both.

    Austerity is the opposite of being fueled.
    Austerity is paying down debt rather than fueling debt.

  12. Plantagenet on Thu, 14th Sep 2017 5:43 pm 

    So much for the “peak demand” nonsense.

    Cheers!

  13. makati1 on Thu, 14th Sep 2017 6:13 pm 

    “97 Million American Workers Are Living Paycheck To Paycheck”

    http://www.zerohedge.com/news/2017-09-13/97-million-american-workers-are-living-paycheck-paycheck

    “The Federal Reserve recently released data showing that aggregate credit card debt had hit an all-time high of $1.027 trillion, eclipsing the previous high that was set before the Great Recession. Add in another trillion of auto-loan debt and $1.4 trillion in student-loan debt, and the aggregate debt pile is not only larger than ever before – it’s growing at its fastest rate in decades.”

    Collapse is just one paycheck away. Talk about a country on a knife’s edge! LMAO

  14. brent on Thu, 14th Sep 2017 6:33 pm 

    Is it because of higher demand or falling shale oil production?

  15. GregT on Thu, 14th Sep 2017 7:34 pm 

    Boat,

    “Austerity is paying down debt rather than fueling debt.”

    Reading comprehension failed you yet again Kevin?

  16. Apneaman on Thu, 14th Sep 2017 10:02 pm 

    That’s lovely, but I don’t care because of what I see.

    I see ever more powerful AGW jacked weather disaster beating the fucking shit out of cities and their disbelieving citizens.

    Hurricane Irma death toll at 69; Florida power outage at 6.8 million people

    “By the numbers

    People still without electricity: 6.8 million – about a third of Florida’s population – and hundreds of thousands in Georgia, with utilities saying it could take 10 days or more before all have power.
    People still in shelters in Florida: 13,000.
    Money raised by Tuesday night’s star-studded “Hand in Hand” telethon

    for Hurricane Harvey and Irma victims: $44 million. Potential cost of damage to privately insured property in U.S. and the Caribbean: $55 billion.”

    https://www.cbsnews.com/news/huricane-irma-death-toll-florida-power-outage/

    Toxic Water Has Flooded Homes in Houston After Harvey
    Tests run by the New York Times find evidence of an E. Coli outbreak in Texas.

    “There’s pretty clearly sewage contamination, and it’s more concentrated inside the home than outside the home,” said Lauren Stadler, an assistant professor of civil and environmental engineering at Rice University who participated in The Times’s research.

    Houston residents who have returned to survey their homes and salvage belongings reported a stench in the air and feeling sick afterwards:”

    http://www.motherjones.com/environment/2017/09/toxic-water-has-flooded-homes-in-houston-after-harvey/

    Taxpayers on the hook for Harvey

    “Suffering or not, there are things to be said about Houston’s plight after Hurricane Harvey.

    For one thing, the 1,000-year flood loomed as a likely event, and the Texas Tribune had reported on its likelihood. In the scuffle of opinions over climate change, scientists predicted the flood that Houston incurred.

    The Obama administration worked to fortify towns and cities against the devastations in store for places like Houston, but 10 days before Harvey, President Donald Trump smashed the flood safety rules of the Federal Flood Risk Management Standard.

    Houston officials had ignored predictions, bypassed regulations, blasted commonsense environmental regulations, denied climate change, rebuked the flood risks and, in short, heightened its misery. Now, Houston, Jericho’s twin city, lies in wet ruin.

    Houston, in the past 30 years, developed 50 percent of its wetlands that promised to take pressures off the flooding Houston would endure. Wrong decision after wrong decision, Houston was steadfastly antediluvian and anti-climate change.

    Who will rebuild Houston? If the rain that fell was an act of God, God’s to blame, but even Houston’s megachurches are reluctant to lend their full hands. Trump could act and sell off $1.6 billion in his assets to be Houston’s rebuilder. No, the job of rebuilding Houston will fall to the Federal Emergency Management Agency and other federal agencies whose budgets are created from tax dollars.

    Who will pay? Who is the biggest taxpayer in America? California is the world’s fifth-largest economy, bigger than the other 49 states combined. Uncle Sam pockets more taxes from California to fund FEMA and other agencies than all other states combined. The California taxpayer will shoulder the lion’s share of the cost of rebuilding flood-flippant Houston.”

    http://www.calaverasenterprise.com/opinion/article_d40a1442-999d-11e7-8795-3b9b7ea613cd.html

    That’s what I see & more & worse to come. Adapt or die.

  17. Bloomer on Fri, 15th Sep 2017 12:14 am 

    The Law of Demand. As the price of oil falls, quantity demanded increases. When the price of crude was over $100 a barrel, we observe demand destruction.

    Of course more demand equates more oil consumption and even more emitting of CO2 a greenhouse gas. Therefore, I propose the Law of Destruction. As oil prices decrease, the likelihood of the destruction of the planet increases.

    Have a nice day.:)

  18. Boat on Fri, 15th Sep 2017 1:14 am 

    Houton gdp 500.000 est

    28 Austria 436,888
    29 Iran 425,326
    30 Thailand 404,824
    31 United Arab Emirates 399,451
    32 Colombia 377,740
    33 South Africa 349,819
    34 Denmark 346,119
    35 Malaysia 326,933
    36 Singapore 307,872
    37 Israel 305,673
    38 Philippines 290,896
    39 Egypt 282,242
    40 Hong Kong 274,027
    41 Finland 272,217
    42 Chile 258,062
    43 Pakistan 251,255
    44 Ireland 250,814
    45 Greece 235,574
    46 Portugal 230,117
    47 Iraq 225,422
    48 Kazakhstan 216,036
    49 Algeria 213,518
    50 Qatar 211,817
    51 Czech Republic 205,270
    52 Peru 201,809
    53 Romania 199,045
    54 New Zealand 198,652
    55 Vietnam 186,205
    56 Bangladesh 173,062
    57 Kuwait 163,637
    58 Angola 146,676
    59 Hungary 138,347
    60 Ukraine 131,806
    61 Morocco 110,009
    62 Puerto Rico 103,676
    63 Ecuador 100,917
    64 Slovakia 100,249
    65 Cuba 87,205
    66 Sudan 81,894
    67 Oman 81,797
    68 Belarus 76,139
    69 Azerbaijan 75,193
    70 Sri Lanka 74,941
    71 Myanmar 66,478

    This is a baseline for comparison. A harvey check.

  19. Boat on Fri, 15th Sep 2017 1:56 am 

    Philippines life expectancy 68. US life expectancy 78.

    mak, I guess you got some US inya or your dead already.

  20. Hello on Fri, 15th Sep 2017 2:11 am 

    Wow, that hurt, Boat.

    You’re telling me that 2 Million Houstoners are almost TWICE as productive as 100 Million Phillipinos?

    Or in other words, it takes a guy from Houston 1 minute to produce the same economic value as a Phillipiono produces in more than 1 hour?

    No wonder the phillipines are a 3rd world shit hole.

  21. Anonymouse1 on Fri, 15th Sep 2017 2:59 am 

    Village idiot is too kind, truly.

  22. makati1 on Fri, 15th Sep 2017 3:03 am 

    Boat, I am a 14th generation American. My family came to North America in 1734 from Germany. He was a sea captain. He settled in what was even then called Pennsylvania, Along the Susquehanna River below Harrisburg. The stone house is still there.

    And those ages are averages, not actual age limits. Many here are in their 80s. My family averages late 80s and some are already in their 90s. I have a long way to go.

    NTW: The “life expectancy” is still increasing here. It is decreasing in the US.

    https://www.wsj.com/articles/life-expectancy-for-white-americans-declines-1461124861
    http://www.npr.org/sections/health-shots/2016/12/08/504667607/life-expectancy-in-u-s-drops-for-first-time-in-decades-report-finds
    http://www.empr.com/news/cdc-life-expectancy-decreasing-in-the-us/article/578031/
    https://www.nytimes.com/2016/12/08/health/life-expectancy-us-declines.html

    Suicides, drugs, obesity, stress are cutting down Americans at earlier ages.

  23. Boat on Fri, 15th Sep 2017 3:17 am 

    mak,

    Just be glad your not from the Phillipines.

  24. makati1 on Fri, 15th Sep 2017 3:18 am 

    Hello, you are the one who lives in the shit hole, gulag, fascist police state called Amerika. Try making that same comparison using PPP. It is quality of LIFE, not $$$, that makes a happy person/family. Does the drug plague in the US look like everyone is happy? A divorce rate over 50%? Suicides increasing at a faster and faster rate? Amerika, the “exceptional” country. LOL

    What do YOU pay for a haircut? I pay $2.
    What do you pay for a specialist doctor visit? I pay $12.
    What do you pay for a root canal and porcelain crown? I pay $120.
    Six years ago, I had two chest X-rays for $5. What do you pay?
    An air conditioned bus ride 100 miles to the farm costs less than $5. What do you pay? (And it has TV.)
    I can build an American style house here for about $60 per square foot. The last time I checked it cost over $120 per square foot in the US and that would be the cheapest finishes.
    Ten ton of gravel, delivered and spread is about $15.
    Backhoe rental with operator and fuel included is $30/hr.
    And on and on. Boat’s list does not compare apples and apples. It compares apples and carrots.

  25. makati1 on Fri, 15th Sep 2017 3:21 am 

    Boat, I would be happy to be Filipino. They are a much happier and more family oriented people than Americans. Americans are NOT special. They were just lucky and now will be paying the price for that ‘luck’ as all the payback for their greed is coming home. I am happy to watch the event from here, 8,000 miles from the FSofA.

  26. makati1 on Fri, 15th Sep 2017 3:24 am 

    Anon, we kinda have to overlook Boat. He is managing the best he can with what he has to work with. Texas is mostly ‘Big hat. No cattle’ these days. All they know how to do is brag. lol

  27. Cloggie on Fri, 15th Sep 2017 3:41 am 

    Boat opines: Just be glad your not from the Phillipines.

    But boat is nevertheless keen on turning his own US in one giant Philippines, Africa, Arabia, you name it. Any other attitude would be “racist” and he is glad he is not like that.

    Ah well, never stand in the way of somebody who is suicidal.

    Back to happier news…

    https://deepresource.wordpress.com/2017/09/15/2-gw-offshore-windpower-planned-for-british-columbia/

    DONG Energy of Denmark will develop a giant offshore wind park of 2 GW off the coast of British Columbia.

    Perhaps Apneaman can find a job there, climb in 200 m high towers with a wrench and help battle climate change, he pretends to be so concerned with.

    I thought Canadians had more than enough electricity from hydro. Perhaps they sell their superfluous kwh’s to the US, who knows.

    In a decade or two-three, the Anglo oil majors (Seven Sisters) will have been replaced by European Seven Brothers.

  28. Hello on Fri, 15th Sep 2017 4:19 am 

    >>>> state called Amerika

    Mak, I’m not american. You should know that by now. Are you loosing it? Are you sure you are in manila and not in some nursing home in new jersey?

    >>>>What do YOU pay for a haircut? I pay $2.
    Yes Mak, I know. Living off 1st world social security in a 3rd world hole. Makes you feel like you’re the king.

    BTW, I’m bald, so not paying that much for a haircut either. 🙂

  29. Hello on Fri, 15th Sep 2017 4:28 am 

    >>> payback for their greed is coming home

    Are you telling me a philipino is not greedy?
    Are you telling me if I were to double the paycheck of a philippino worker he would refuse? Is that true? I’m surprised. I think I have never seen anybody anywhere on the planet that doesn’t take as much as he can carry and then some more. Bravo for the phillipinos who refuse to be greedy and reject a payrise.

  30. Hello on Fri, 15th Sep 2017 4:34 am 

    >>> They were just lucky

    What you mean lucky? Are you saying the grreat achievements in electronics and computers and micro-chips and communications made mosty in the US in the last 100 years were all just luck?

    I didn’t know that. I though it was a combination of great engineering, science, creativity and enterpreneurship.

    But it was all luck.. who would have thought.

    BTW, what did manila invent in the last 100 years? Anything more complicated than a mud brick?

  31. makati1 on Fri, 15th Sep 2017 5:16 am 

    Hello, I do not try to know or remember who lives where. Why would I? It is not important. The comment is. If you put down my location, it is because you are likely part of the Western greed and propaganda countries. If you weren’t you would have a different view of the world.

    Lets put number two this way… The US, and the other Western countries, are, and have been, living way beyond their share of the planet’s resources. Mostly by murder/plunder of 3rd world countries. The Ps is not doing that and most Filipinos live on LESS than their fair share. Of course there are greedy people everywhere, even here, but not to the extreme extent as Americans, Canadians, Japanese, Australians, New Zealanders, etc. Here family is the top priority, not $$$. They share what they have with family and friends. It is a great place to live.

    Third comment: Where are electronics made now? ASIA! Who has the fastest super computer? The Chinese by a wide margin. Who has the best military weapons systems? Russia! The US has not done anything inventive for at least 50 yeas. They just made improvements on old discoveries. Now they are down to just adding gimmicks to their old stuff. They built their missile system using German engineers. Their nuclear system using German discoveries. Now they cannot even build a ship or plane that works. And a lot of the parts and resources for those come from…ASIA. Their rocket engines come from Russia. They have no space program anymore, relying on Russia to get to the space station.

    Filipinos do not have to invent stuff. They have to just live happy, healthy, love filled lives. Something missing in most of the Western world and certainly in America. But you would not understand that simple fact. You probably have no real experience with that lifestyle. No bank account, no loans, no need ofr a car every few years to get to work or store. No need to keep up with the neighbors. No real need or electric. No cold weather. No really hot weather. Food everywhere wild in the countryside in the form of coconuts, bananas, and a lot more. Who needs a big income or “inventions”.

    The US is a has been. It was lucky only because it was the only major manufacturing country after WW2 and had some oil in Texas to get started. THAT is why they were lucky. If the oil had been owned by Mexico…Different story. But then, they stole that from Mexico many years before. Maybe America should have been called “The Land of Thieves”? LOL

  32. Davy on Fri, 15th Sep 2017 5:23 am 

    makat, spends his days the same way. How mental lite to talk up his stupid small overpopulated Island and talk down the US. The numbers as we see above don’t lie. makat, I noticed you talked about how American you family is but tell me also the incidence of dementia and senility. You are definitely losing it like Hello says, how many times does he need to say he is Swiss for you to get it through your mental senility?

  33. Davy on Fri, 15th Sep 2017 5:27 am 

    Well lookie there makat can write more than a few one liners when he gets bitch slapped. LOL, makat, you always say that if you have to write more than a few one liners you are ranting. Are you ranting makat? I guess since it is you then you think it is ok with all those double standards you live by.

  34. fmr-paultard on Fri, 15th Sep 2017 5:39 am 

    maktard why don’t you ever talk about suicide shower when you say phils don’t need to invent anything? i can’t live like that. i’m a tard, barely graduated college but something as simple as electricity is walk in a park on a sunday after noon, a beautiful one.

    i can’t score but i know beauty.

    how about intestinal diseases, tropical caudron of pollution, diseases, transmissible diseases, mosquitoes.

    this makes people strange and they imagine aswang. mak, i have to research cattle mutilation because i’m a tard. this new understanding of cattle mutilation also shed light on aswang.

    come back before white meat becomes delicacy with some sexual enhancing power. either that or abu sayaf comes knocking

  35. fmr-paultard on Fri, 15th Sep 2017 5:47 am 

    the phils don’t understand walk in a park on a nice sunny beautiful sunday afternoon. this means life expectancy is poor.

    then diseases

    of course the big leaf in modern longevity is public health (plumbing, education, disease erradication). prior to that the discovery of fire to cook food.

    if white meat is approdasiac then the phils is still where humanity hasn’t discovered fire for cooking.

  36. makati1 on Fri, 15th Sep 2017 6:10 am 

    fmr, your mind is a broken record. I pity Americans trapped in their self made gulag. No freedom of thought. LOL

    US stats:1914. All higher now.

    All unintentional injury deaths: Number of deaths: 135,928
    Unintentional fall deaths: Number of deaths: 31,959
    Motor vehicle traffic deaths: Number of deaths: 33,736
    Unintentional poisoning deaths: Number of deaths: 42,032
    All homicides: Number of deaths: 15,872
    All suicides: Number of deaths: 42,826

    https://www.cdc.gov/nchs/fastats/suicide.htm

    Philippine stats: 2015

    Road Accidents: 7,700
    Drowning: 4,880 (7,100 islands)
    Falls: 4,800
    Suicide: 3,000
    Fires: 1,100
    Violence: 21,100
    Other:5,900
    Total: ~43,600 or roughly the same number per population as the US.

    http://www.worldlifeexpectancy.com/country-health-profile/philippines

    What does that prove other than you watched some video with questionable motives?

  37. Antius on Fri, 15th Sep 2017 8:02 am 

    “Third comment: Where are electronics made now? ASIA! Who has the fastest super computer? The Chinese by a wide margin. Who has the best military weapons systems? Russia! The US has not done anything inventive for at least 50 yeas. They just made improvements on old discoveries. Now they are down to just adding gimmicks to their old stuff. They built their missile system using German engineers. Their nuclear system using German discoveries. Now they cannot even build a ship or plane that works. And a lot of the parts and resources for those come from…ASIA. Their rocket engines come from Russia. They have no space program anymore, relying on Russia to get to the space station.”

    Harsh and unfair. The Chinese have built all sorts of unnecessary crap in order to ‘prove’ to their own enslaved people that they have the biggest and best ‘whatever’ in the world and that their great leap forward is working. The Yangtze dam was as much about that as it was about producing power. The supercomputer is in the same vein; the Chinese programme to land men on the Moon/Mars is all about posturing. This sort of symbolism is necessary in China as it encourages belief in the state and political system and helps avoid the populace becoming despondent to the will the autocracy. The Chinese do not build these things as an end in themselves, but as part of a political programme. In this way, they indicate weakness and insecurity, not strength. The USA has both public and private space programmes. They do them for their own sake, because they are a worthwhile long-term investment, not to try and impress anyone.

    The USA in fact pioneered the first wave of nuclear power using light water reactors, which are now used worldwide to produce large amounts of carbon-free electricity. This was not a foreign invention that they picked up. Companies like Westinghouse and GE developed from scratch the thermal hydraulic science needed to design these things.

    You mention the rocket programme as being a German programme. Not true. Von Braun managed the development of the Saturn-V and produced the first crude regenerative rocket engines at Peenemunde, but most of the engineers working on the project were American. The US programme took the crude engine from the V2 and produced an engine with power density comparable to an exploding nuclear bomb, something with sufficient thrust-weight to propel men to the moon.

    You suggest that the US has lagged in basic technological innovation. Not untrue, but misleading. The US did not really come of age as a scientific and industrial nation until WW2. Practically all inventions of the modern world have their roots in the 19th or first half of the 20th century. Basic technological innovation has been weak since then because we have literally exhausted a lot of the basic discoveries. It is a simple fact of life that the more we discover and invent, the less there is remaining to discover and invent. There have been remarkably few basic discoveries in physics in the past 80 years. The discovery of the Higgs boson and gravity waves, pretty much confirmed predictions of previously established physics.

  38. Hello on Fri, 15th Sep 2017 8:17 am 

    >>>>> Filipinos do not have to invent stuff. They have to just live happy, healthy, love filled lives

    Is that why so many live abroad trying to earn a living?

    The rest of your comment tells me you have practically 0 knowledge about science, engineering and achievements. You are a simple consumer bot. A nothing, a replacable useless blabber bag. Sad.

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