International Energy Agency
International Energy Agency Articles
International Energy Agency report indicates 90% compliance with OPEC production cut. Oil traders are buying barrels on the news.
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There were a total of 694 working oil and gas drilling rigs in the United States at the end of the week, up by 35 week over week and up by 57 year over year.
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IEA reports global oil production in December fell by 600,000 barrels a day. Increased production by non-OPEC countries is expected to add 385,000 barrels a day to 2017 production.
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U.S. commercial crude inventories decreased by more than 2 million barrels last week, according to the U.S. Energy Information Administration.
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In the week ended November 4, the number of rigs drilling for oil in the United States totaled 452, up by 2 compared with the prior week and a total of 574 a year ago. Including 115 other rigs...
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In its monthly Oil Market Report for October, released Thursday morning, the International Energy Agency said that global crude supplies increased by 800,000 barrels per day.
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Until about 2008 or so, discussion about the future price of crude oil was directed by the concept of peak oil. The discussion is now focused on the concept of peak demand.
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There are 539 working rigs in the country, according to the latest Baker Hughes North American Rotary Rig Count.
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In its Oil Market Report for September, the International Energy Agency said that global crude supplies increased, primarily due to a rise of half a million barrels a day from Russia and Kazakhstan.
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Hedge funds have built a large long position in heating oil and a somewhat bearish view on gasoline, sending a strong message to refiners. And the refiners have begun to pay attention.
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U.S. commercial crude inventories decreased last week, according to the U.S. Energy Information Administration, but they remain at historically high levels for this time of year.
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Assuming there are no further shocks to global production, the IEA expects the oil market to come into balance in the second half of this year.
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The International Energy Agency now expects a "dramatic reduction" in the growth of oil stockpiles in the second half of this year.
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In the week ended April 22, the number of rigs drilling for oil in the United States fell to 343, according to the Baker Hughes North American Rotary Rig Count.
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An International Energy Agency expert told CNBC on Friday that the world's two largest producers, Russia and Saudi Arabia, are expected to pump "as much oil as possible."
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