EIA

IEA: oil output from OPEC falls in May

Oil output from OPEC fell in May by 230,000 barrels per day to 29.95 million bpd, hitting a five-year low, according to data from the International Energy Agency (IEA). In May, top OPEC producer Saudi Arabia’s output fell by …

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Oil demand growth may be slowed by prices above $70

Oil prices at $70 per barrel and higher increase the risk of slowing demand growth against the backdrop of uncertainties in global economy, International Energy Agency said in its Oil Market Report. "Oil prices at …

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EIA: US oil export may outstrip Russia by 2024

The U.S. will become a net oil and oil product exporter in 2021, and will export more oil than Russia by 2024, the International Energy Agency (IEA) said in its new Oil 2019 report. In 2018, the combined production of liquid …

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Venezuela crisis puts oil market in panic mode

Oil rose today, shaking off persistent concern about the outlook for demand after the U.S. government said it could impose sanctions on OPEC member Venezuela's crude exports. Brent crude futures were up 10 cents at $61.24 a barrel …

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IEA: U.S. shale oil growth underestimated

Shale oil's impact will have "huge implications" for global energy markets for many years, executive director at the International Energy Agency Fatih Birol said at the World Economic Forum in Davos, …

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EIA expects anti-Iran oil sanctions to be prolonged

The U.S. Energy Information Administration (EIA) forecasts the U.S. oil sanctions imposed on Ian will remain in place until 2020. "EIA assumes that US sanctions on Iranian oil exports will remain in place through the end of the …

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Brent oil exceeds $67

Oil prices rose today as expectations that the OPEC would start cutting supply overshadowed a big crude stock build last week. WTI Futures for December delivery traded 0.6% higher to $56.77 per barrel at 1:08 AM ET (05:08 GMT) on the …

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 Oil price to reach $137 in 2040?

The International Energy Agency (IEA) has improved its forecast for oil price by 6% to $88 per barrel in 2025 and by 0.9% to $112 per barrel in 2040, according to IEA’s World Energy Outlook 2018 report. According to the New …

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IEA executive director to visit Baku in autumn

Executive director of the International Energy Agency (IEA) Fatih Birol will visit Baku in September, Azerbaijan’s Energy Ministry said. The information was announced at the meeting of Azerbaijani energy …

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IEA: OPEC+ may accomplish its mission in May

OPEC and its allies appear to have accomplished their mission of bringing global oil stocks to desired levels as early as in May, the International Energy Agency said in its monthly report . "It is not for us to …

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EIA hikes Brent price outlook

US Energy Information Administration (EIA) has raised its forecast on crude oil prices for 2018 and 2019, along with revising upwards its estimates on US crude production for both years. According to the agency's short-term energy …

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US output records jeopardize oil markets

US crude oil production broke 10 million barrels a day in November for the first time since production peaked in 1970, the Energy Information Administration said in a monthly report. The US produced 10.038 million barrels a day in …

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IEA: OPEC counties fulfill OPEC+ oil cut deal 88%

Global supply and demand for crude oil will be largely balanced next year, as growth in consumption helps erode a three-year-old overhang of unused fuel and should mostly offset a steep rise in output, the International Energy Agency said in its …

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