IEA Oil Market Report – March 2021 March 18, 2021 . The OMR is closely followed by government officials and policy makers, oil market participants, strategic planners, industry officials, academics, NGOs, multi-government organisations, the financial community and others. LONDON (Reuters) -Oil demand is already outstripping supply and the shortfall is expected to widen even if Iran boosts exports as vaccinations against COVID-19 bolster the global economy, the International Energy Agency (IEA) said on Wednesday. Cuts America’s oil demand for Q1 2021 by 515,000 b/d to 28.4mln b/d. Oil markets face uncertain future after rebound from historic Covid-19 shock March 18, 2021 . Crude Oil in SPR 633.4 634.5 637.8 Total4 1,913.4 1,920.0 2,033.3 See Table 1. 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Oil 2021, the IEA’s latest medium-term outlook, explains why. Syndicated Content. Biden Should Get Republicans On Board With His Energy Investment Package. A huge demand shock during the Covid-19 pandemic caused global oil inventories to swell, but levels are now seen back close to the five-year average. 1 Year-ago data originally published for crude oil stocks included lease stocks which began being excluded from commercial crude oil inventories with data for the week ended October 7, 2016. Time series of annual gas supply balances, imports and exports for OECD and non-OECD countries. Since its inception in 1983, the IEA's Oil Market Report (OMR) has become recognised as one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for OECD and selected non-OECD countries. The IEA's suggestion that oil demand has peaked is an echo of history. The IEA says that oil demand in 2021 is forecasted to reach 96.7 million bpd, an increase of 5.7 million bpd from 2020. IEA cuts 2021 oil demand outlook as new Covid lockdowns weigh on fuel sales. The IEA’s World Energy Outlook Sustainable Development Scenario, previously published, mapped out a trajectory consistent with the climate goals of the Paris Agreement. Cuts 2021 global oil-demand growth forecast by 270,000 b/d to 5.4mln b/d. If that persists for many more months and well into 2H 2021, it could alter the landscape. Global oil consumption is now forecast to rise by 5.4 mb/d in 2021, 270 kb/d lower than in our previous Report. By Noah Browning. EIA expects global oil inventories to fall by 1.8 million b/d in the first half of 2021. Rapid changes in behaviour from the pandemic and a stronger drive by governments towards a low-carbon future have caused a dramatic downward shift in expectations for oil demand over the next six years. March 19, 2021 EIA projects U.S. jet fuel consumption won’t increase as quickly as air travel demand. March 22, 2021 U.S. LNG exports in EIA's AEO2021 side cases vary with crude oil, natural gas prices. Sam Meredith @smeredith19. The annual statistical supplement will be published on the same day as the August OMR. IEA Sees Oil Demand Recovery Outpacing Growth in Supply. Cuts European oil demand for Q1 2021 by 320,000 b/d to 12.7mln b/d. Global oil demand is expected to recover by 5.5 mb/d to 96.6 mb/d in 2021, following an unprecedented collapse of 8.8 mb/d in 2020. Oil 2021, the IEA’s latest medium-term outlook, explains why. World oil demand is expected to rebound by 5.5 mb/d in 2021 after contracting by 8.7 mb/d in 2020. The early parts of 2021 have been rocky for growth stocks. Wednesday 12 May 2021; Friday 11 June 2021 (s upply/demand forecasts ‘rolled out’ to 2022) Tuesday 13 July 2021; Thursday 12 August 2021 (with Annual Statistical Supplement 2021) Tuesday 14 September 2021; Thursday 14 October 2021; Tuesday 16 November 2021; Tuesday 14 December 2021; The Market Report Oil 2021 will be released on 17 March 2021. The IEA cut its oil demand forecasts in ... Read moreWorld Oil Nears $70 With IEA Positive on Stockpiles, Pipe Still Shut Oil demand in 2021 is forecast to reach 96.7 mb/d, an increase of 5.7 mb/d from 2020. Thank you for subscribing. Find out about the world, a region, or a country, Find out about a fuel, a technology or a sector, Explore the full range of IEA's unique analysis, Search, download and purchase energy data and statistics, Search, filter and find energy-related policies, Shaping a secure and sustainable energy future, Clean Energy Transitions in Emerging Economies, Digital Demand-Driven Electricity Networks Initiative, Global Commission for Urgent Action on Energy Efficiency, Promoting digital demand-driven electricity networks. Leaves 2H 2021 oil demand forecast largely unchanged. OMR release schedule for 2021 Refinery Margins Methodology Notes For now, a resurgence in Covid-19 cases is slowing the rebound, but a widespread vaccination effort and an acceleration in economic activity is expected to spur stronger growth in the second half of the year. You can unsubscribe at any time by clicking the link at the bottom of any IEA newsletter. The IEA is more upbeat on the oil demand recovery due to progress in rolling out COVID-19 vaccine programs, a raft of fiscal stimulus packages, and signs of strong industrial activity in China. Oil 2021 will be released on 17 March and supply/demand forecasts will be extended to 2022 in the June OMR. The International Energy Agency raised its 2021 and 2022 forecast for renewables, including wind and solar, after last year’s added capacity exceeded the … Published Tue, Jan 19 2021 4:00 AM EST. February 23, 2021 EIA publishes a ratio of revenues-to-costs to explain power plant additions. Below are the main projections from the 'Oil 2021' report. 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Demand. Data, forecasts and analysis on the global oil market. In March, oil inventories in developed nations stood just 36.9 million barrels above the average level from 2015 to 2019, down from a surplus of about 250 million barrels last summer, the IEA … Rapid changes in behaviour from the pandemic and a stronger drive by governments towards a low-carbon future have caused a dramatic downward shift in expectations for oil demand over the next six years. ... May 10, 2021, 09:12am EDT. According to that scenario, oil demand would have to decline by 3 mb/d from 2019 to 2025. The Oil Market Report will be released at 10:00 Paris local time on the following dates: Oil 2021 will be released on 17 March and supply/demand forecasts will be extended to 2022 in the June OMR. May 12, 2021 | 4:06 AM. The annual statistical supplement will be published on the same day as the August OMR. Rapid changes in behaviour from the pandemic and a stronger drive by governments towards a low-carbon future have caused a dramatic downward shift in expectations for oil demand over the next six years. Consumption appears to be slightly higher than expected in 1Q21, supported by cold weather in northern Asia, Europe and the US. The Oil 2021 report foresees a 3.5 mb/d increase in demand instead. The OMR is the exclusive source for official government statistics from all OECD countries, as well as selected non-OECD countries, together with both historical datasets and supply-and-demand forecasts for the year ahead. The International Energy Agency and OPEC forecast bullish demand for oil in 2021 – the IEA this week said producers may need to increase supply by 2 … Oil 2021, the IEA’s latest medium-term outlook, explains why. Find out about the world, a region, or a country, Find out about a fuel, a technology or a sector, Explore the full range of IEA's unique analysis, Search, download and purchase energy data and statistics, Search, filter and find energy-related policies, Shaping a secure and sustainable energy future, Clean Energy Transitions in Emerging Economies, Digital Demand-Driven Electricity Networks Initiative, Global Commission for Urgent Action on Energy Efficiency, Promoting digital demand-driven electricity networks. 17 March 2021 World oil markets have rebounded from the massive demand shock triggered by Covid-19 but still face a high degree of uncertainty that is testing the industry as never before, according to a new IEA report. Wed 12 May 2021 08:04:00 GMT. May 12, 2021 (Bloomberg) Oil rose toward $70 a barrel in London after the International Energy Agency said a record glut built up last year is gone, while the shutdown of a key U.S. pipeline sent gasoline prices soaring.Brent futures added 1.2% in a fourth day of gains. Featuring tables, graphs and statistics, the OMR provides all the data necessary to perform ad-hoc analysis and track oil market developments and to identify trends in production, consumption, refining, inventories in OECD countries and prices for both crude and products. "The anticipated supply growth through the rest of this year comes nowhere close to matching our forecast for significantly stronger demand beyond the second quarter," the IEA said in its monthly report, citing increased pumping from OPEC+ countries. Demand for oil will exceed the output of top producers due to progress in vaccinating the world against COVID-19, the International Energy Agency (IEA) said on Wednesday. Europe and OECD Americas have been revised down by 320 kb/d and 515 kb/d respectively in 1Q21, while India’s Covid crisis led us to downgrade its demand in … Iran’s possible full reentry into the oil market, if indirect U.S.-Iranian nuclear talks succeed, would still leave production from OPEC+ producers at 1.7 million bpd short of demand, it added. Keep up to date with our latest news and analysis by subscribing to our regular newsletter. IEA Revises Upwards Oil Demand Growth in 2021. in Oil & Companies News 15/04/2021. IEA says that oil demand recovery will outpace growth in supply. More. About Us. John Divine May 11, 2021. 106.9 FM. Thank you for subscribing. February 16, 2021 The IEA Oil Market Report (OMR) is one of the world’s most authoritative and … 2 Includes those domestic and Customs-cleared foreign crude oil stocks held at Oil glut is gone even as it reduces the demand forecast on India. "But India's COVID crisis is a reminder that the outlook for oil demand is mired in uncertainty. Output from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, the so-called OPEC+ group of producers, already lags demand for its oil by 150,000 barrels per day (bpd) and that is expected to widen to a 2.5 million bpd shortfall by year's end, the Paris-based watchdog said. Despite weaker-than-expected data for 1Q21, annual growth has been revised up by 230 kb/d on average to take account of better economic forecasts and robust prompt indicators. Investing in … EIA forecasts that Brent prices will average $65/b in the second quarter of 2021, $61/b during the second half of 2021, and $60/b in 2022. You can unsubscribe at any time by clicking the link at the bottom of any IEA newsletter. Forecast increases in global oil supply will contribute to a mostly balanced market during the second half of 2021. 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