IEA Archives - the patient investor

August 12, 2015

IEA: At Least Another Year Before Oil Markets Rebalance | OilPrice.com

From Art Berman at Oilprice.com:

In its August Oil Market Report (OMR), the IEA revised 2nd quarter 2015 demand upward 370,000 bpd from its July estimate but also revised supply upward by 140,000 bpd. Total liquids supply is 96.53 million bpd and demand is 93.5 million bpd……

….The world continues to have an over-supply problem that is slowly improving but it will take another year before the market comes into balance.

August 6, 2015

Goldman Sachs Doubles Down On Lower-For-Longer Scenario | OilPrice.com

ZeroHedge quotes Goldman Sachs’ Jeffrey Currie:

….Not only will the macro forces keep prices under pressure, but historically markets trade near cash costs [near $50/bbl] until new incremental higher-cost capacity is needed (even the IEA has revised 2015 non-OPEC output growth from existing capacity up by 265 kb/d since March). In addition, low-cost OPEC producers are likely to expand capacity now that they have pushed output to near max utilization. At the same time Iran has the potential to add 200 to 400 kb/d of production in 2016 and with significant investment far greater low-cost volumes in 2017….

November 10, 2011

Libya Speeds Oil Output but Sees Hurdles Ahead – WSJ.com

[Libya’s interim Oil Minister Ali Tarhouni] said oil production should reach 700,000 barrels a day by the end of the year—nearly half of prewar production—confirming estimates made earlier Thursday by the International Energy Agency.

via Libya Speeds Oil Output but Sees Hurdles Ahead – WSJ.com.