Latest news with #AlexLawler
Zawya
5 days ago
- Business
- Zawya
Iraq PM inaugurates gas projects that aid plan to stop flaring
LONDON - Iraqi Prime Minister Mohammed Shia al-Sudani has inaugurated two natural gas projects in Basra that will support Iraq's targets to eliminate gas flaring and achieve gas self-sufficiency by 2027, Iraq's oil minister said in an Instagram post on Thursday. A dry gas unit at the Basra Gas Liquefaction Plant will add 170 million standard cubic feet per day of gas and 1,000 metric tons per day of LPG, the post said. The second project, the Faihaa Central Gas Processing Facility, is designed to process 130 million cubic feet per day, it said. As gas capture improves, condensate production is expected to reach 200,000 barrels per day soon, enabling higher export volumes and domestic blending, an Iraqi ministry source said. (Reporting by Alex Lawler and Ahmad Ghaddar; Editing by Kevin Liffey)
Zawya
15-07-2025
- Business
- Zawya
OPEC to issue July oil market report at 1200 GMT
The Organization of the Petroleum Exporting Countries (OPEC) will release its July monthly oil market report at 1200 GMT (1400 Vienna time) on Tuesday, OPEC said in an email. (Reporting by Alex Lawler)
Yahoo
11-07-2025
- Business
- Yahoo
World oil market may be tighter than it looks, IEA says
By Alex Lawler VIENNA (Reuters) -The world oil market may be tighter than it appears despite a supply and demand balance pointing to a surplus, the International Energy Agency said on Friday, as refineries ramp up processing to meet summer travel demand. The IEA, which advises industrialised countries, expects global supply to rise by 2.1 million barrels per day this year, up 300,000 bpd from the previous forecast. World demand will rise by just 700,000 bpd, it said, implying a sizeable surplus. Despite making those changes, the IEA said that rising refinery processing rates aimed at meeting summer travel and power-generation demand were tightening the market and the latest supply hike from OPEC+ announced on Saturday had not had much effect. "The decision by OPEC+ to further accelerate the unwinding of production cuts failed to move markets in a meaningful way given tighter fundamentals," the agency said in a monthly report. "Price indicators also point to a tighter physical oil market than suggested by the hefty surplus in our balances." Earlier this week, ministers and executives from OPEC nations and bosses of Western oil majors said the output increases are not leading to higher inventories, showing that markets are thirsty for more oil. Next year, the IEA sees demand growth averaging 720,000 bpd, some 20,000 bpd lower than previously thought, with supply growth rising by 1.3 million bpd, also implying a surplus. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
11-07-2025
- Business
- Zawya
IEA boosts 2025 oil supply forecast after latest OPEC+ hike
VIENNA - The International Energy Agency on Friday raised its forecast for supply growth this year after OPEC+'s latest decision to pump more oil, while it trimmed its outlook for demand, saying that in recent months oil use has slowed down significantly. The IEA expects global supply to rise by 2.1 million barrels per day this year, up 300,000 bpd from the previous forecast, the agency, which advises industrialised countries, said in a monthly report. OPEC+ is adding more crude to the market after the group decided to unwind its most recent layer of output cuts in April and accelerate the hikes from May, June, July and August. Even so, the IEA said that rising refinery processing rates to meet summer travel and power-generation demand were tightening the market. "Price indicators also point to a tighter physical oil market than suggested by the hefty surplus in our balances," the agency said. (Reporting by Alex Lawler, Editing by Tomasz Janowski)
Zawya
17-06-2025
- Business
- Zawya
World oil market looks well supplied in 2025, IEA says
LONDON- The world oil market looks well supplied this year in the absence of a major disruption, the International Energy Agency said on Tuesday, as it raised its forecast for supply growth while trimming that for demand. In a monthly report, the IEA said world oil demand will rise by 720,000 barrels per day this year, down 20,000 bpd from last month's forecast, while supply will increase by 1.8 million bpd, up 200,000 bpd from last month's estimate. "In the absence of a major disruption, oil markets in 2025 look well supplied," the agency said in a commentary on the market impact of Iran's conflict with Israel. (Reporting by Alex Lawler and Enes Tunagur, Editing by Barbara Lewis)
