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IEA’s Forecast
“Rigzone” reports that in a recent statement the International Energy Agency (IEA) foresees an oil surplus for most of 2016 with excess output going into storage. The Agency anticipates production declines, but not quickly. It also does not think an agreement between OPEC and other producers to curb production is likely. While the IEA does… Read More
Vitol’s View
“World Oil” reports that Vitol, the world’s largest independent oil trader, anticipates a decade of low prices. In an interview with Bloomberg, CEO, Ian Taylor, opined that Vitol anticipates oil trading in a band between $40 and $60 per barrel, bouncing around a mid-point of $50. Taylor cites a slowing Chinese economy as dampening demand. … Read More
Emerging Consensus
According to a recent article in “World Oil”, a consensus as to where oil prices are headed seems to be emerging. This is based on data compiled by Bloomberg after interviews with 17 industry insiders. These included traders, operators, lenders and analysts. By and large, they all expect oil prices to rebound by year-end. The… Read More
Boone Bails
“World Oil” cites a report by Bloomberg saying that Boone Pickens, who has made and lost fortunes in the oil industry for the last 40 years, has cashed out. Pickens referenced the loss of 250,000 jobs and reductions in capital spending of over $100 billion as reasons to believe that in the long term, production… Read More
Global Demand
“Rigzone” recently published an article by energy analyst, John Kemp, in which he offered his forecast for global oil demand in 2016. Kemp breaks demand down into domestic U. S. and foreign components. He further separates domestic demand into the consumer and commercial sectors. U. S. consumers are buying new vehicles at record levels and… Read More
