{"id":4524,"date":"2019-12-01T07:08:08","date_gmt":"2019-12-01T07:08:08","guid":{"rendered":"http:\/\/euromenaenergy.com\/?p=4524"},"modified":"2019-12-01T07:08:08","modified_gmt":"2019-12-01T07:08:08","slug":"iea-sees-calm-global-oil-market-in-2020-as-new-supplies-soar","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=4524","title":{"rendered":"IEA sees calm global oil market in 2020 as new supplies soar"},"content":{"rendered":"
\n

Bloomberg\/ London<\/p>\n<\/div>\n

<\/div>\n

Global oil markets are likely to remain \u201ccalm\u201d next year as soaring production outside Opec and high inventories keep consumers comfortably supplied, the International Energy Agency said.
\nSupplies outside Opec \u2013 driven by the US, Brazil, Norway and Guyana \u2013 will increase by 2.3mn barrels a day in 2020, almost twice the expansion in world oil demand, the agency said in its monthly report. The growth estimate is about 100,000 barrels a day higher than last month.
\nOil prices have remained steady near $60 a barrel in London for several months. US sanctions on Iran\u2019s exports and political unrest in Venezuela and Iraq have also had limited impact.
\n\u201cThe calmness is supported by a well-supplied market and high inventories,\u201d said the Paris-based agency, which advises most major economies on energy policy. \u201cThis may continue into 2020 because non-Opec countries will grow their production\u201d significantly.
\nAs a result, the Organization of Petroleum Exporting Countries \u2013 which has cut production this year to prevent a surplus \u2013 is currently pumping about 1.7mn barrels a day more than will be needed in the first half of next year, the report showed.
\nOpec and its partners will meet on December 5 to 6 to consider next year\u2019s output levels, though they\u2019ve so far indicated little desire to make the deeper cuts that would be needed to avert a new oversupply. The outlook for global economic growth remains precarious, pressured by the ongoing trade dispute between the US and China.
\n\u201cThe hefty supply cushion that is likely to build up during the first half of next year will offer cold comfort to Opec+ ministers gathering in Vienna at the start of next month,\u201d the IEA said. \u201cHowever, a continuously well-supplied market will lend support to a fragile global economy.\u201d
\nOil inventories in developed nations accumulated by about 9mn barrels during the third quarter, even as Opec deliberately restrained output.
\nAnother reason for the market\u2019s torpor has been \u201csluggish\u201d processing of crude oil by refiners, whose intake will drop this year for the first time since the financial crisis of 2009, according to the report. However, the decline is a very modest 90,000 barrels a day.
\nIn the short term, the market ought to pick up as global oil demand growth accelerates. Low oil prices and robust US demand for petrochemicals will spur worldwide consumption to expand by 1.9mn barrels a day year-on-year in the fourth quarter, more than four times the rate observed in the second, the agency said.
\nThe calmness the IEA sees resuming next year fits with its expectations for the long term, outlined in its annual World Energy Outlook earlier this week. That report anticipates that increasingly efficient car engines and the adoption of electric vehicles will cause world oil demand to plateau around 2030.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bloomberg\/ London Global oil markets are likely to remain \u201ccalm\u201d next year as soaring production outside Opec and high inventories keep consumers comfortably supplied, the International Energy Agency said. Supplies outside Opec…<\/p>\n","protected":false},"author":1,"featured_media":4541,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[46,48,57,68,76,77,82,86,87,90,96,99,103,107,109,111,113,137,139,146,148,160,174,183,184,201,202,209,222,230,232,233,244,246,249,256,262,263,267,277,279,280,285,288],"class_list":["post-4524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-gas","tag-aramco","tag-athens","tag-baroudi","tag-carbon","tag-climate","tag-climate-change","tag-co2","tag-cyprus","tag-decarbonising","tag-democracy","tag-doha","tag-eastmed","tag-egypt","tag-embargo","tag-emissions","tag-energy","tag-energy-peace","tag-gas","tag-gazprom","tag-greece","tag-greenenergy","tag-international-maritime-disputes","tag-lebanon","tag-maritime-boundaries-east-mediterranean","tag-maritime-disputes","tag-offshore","tag-oil","tag-opec","tag-pollution","tag-poverty-alleviation","tag-putin","tag-qatar","tag-rosneft","tag-roudi","tag-russia","tag-saudi","tag-solar","tag-solar-power","tag-straddling-hydrocarbons-reserves","tag-total","tag-trump","tag-turkey","tag-unclos","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/4524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4524"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/4524\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/4541"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}