Latest news with #AlexLawler
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)
Zawya
16-06-2025
- Business
- Zawya
OPEC sees solid second-half of 2025 for world economy, trims 2026 supply
OPEC said on Monday it expected the global economy to remain resilient in the second half of this year despite concerns about trade conflicts and trimmed its forecast for growth in oil supply from producers outside the wider OPEC+ group in 2026. In a monthly report, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged in 2025 and 2026, after reductions in April, saying the economic outlook was robust despite trade concerns. "The global economy has outperformed expectations so far in the first half of 2025," OPEC said in the report. "This strong base from the first half of 2025 is anticipated to provide support and sufficient momentum into a sound second half of 2025. However, the growth trend is expected to moderate slightly on a quarterly basis." OPEC also said supply from countries outside the Declaration of Cooperation - the formal name for OPEC+ - will rise by about 730,000 barrels per day in 2026, down 70,000 bpd from last month's forecast. Lower supply growth from outside OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies, would make it easier for the wider group to balance the market. Rapid growth from U.S. shale and from other countries has weighed on prices in recent years. (Reporting by Alex Lawler, editing by Emelia Sithole-Matarise)
