IEA sees oil market oversupplied in 2019 on U.S. production

Booming U.S. Oil Production, Demand Jitters, Cool Prices Through 2020: IEA

The International Energy Agency is of similar mindset: it thinks surging US oil output will outpace sluggish global demand and cause a large inventory build around the world in the next nine months.

OPEC may come with further production restrictions to support oil prices.

The recent decision by oil producing countries to prolong cuts in output will not fundamentally change the outlook for a market that is heavily oversupplied, the IEA said yesterday.

The energy agency said the "main message" of its report was that oil supply in the first six months of 2019 had exceeded demand by 0.9 million barrels per day.

Minecraft Earth Beta registration is now open
The limited iOS beta for Minecraft Earth is due out within the next two weeks , which means sometime before July 26th. Through your phone screen, you're able to mine resources, and build and create alongside others in a shared world.

Tottenham looking to close deal on Arsenal target as early as today
The 30-year-old defender has always been linked with a move away from North London, with Roma now coming knocking. Spurs are set to use the money from their sale of Toby Alderweireld to Roma on the long-term Gunners target.

United Kingdom police investigate Kim Darroch cables
Almost a week after the cables were leaked, Basu's announcement of the investigation ended with a pointed call to the media. Mr Johnson refused to confirm Sir Kim would remain U.S. ambassador during an ITV debate with leadership rival Jeremy Hunt.

At current OPEC output levels of 30 million bpd, the IEA predicted that global oil stocks could rise by 136 million barrels by the end of the first quarter of 2020.

The demand for OPEC crude is expected to average 29.3 million barrels per day (bpd) in 2020, down by around 1.3 million bpd from 2019, the oil cartel said in a monthly report released on Thursday. "European demand is sluggish; growth in India vanished in April and May due to a slowdown in [liquefied petroleum gas] deliveries and weakness in the aviation sector; and in the USA demand for both gasoline and diesel in the first half of 2019 is lower year-on-year".

Going forward, the IEA said it forecast a supply overhang for 2020 as well, on the back of rising supply from non-OPEC producers.

"Factors that could influence the pace of oil demand growth in 2020 include macroeconomic developments in major consuming countries, the displacements of heavy distillates with natural gas and other fuels, subsidy programmes and plans for their removal, the effect of commissioning/delays/closures of mega projects in the downstream and fuel efficiency programmes, especially in the transportation sector", the report said. "On the positive side, the mood surrounding the U.S./China trade dispute appears to have improved and the resolution of outstanding issues would be a massive boost to economic confidence".

Related:

  • Enact critics judge Lion King is a 'roaring success'?

    Enact critics judge Lion King is a 'roaring success'?

    Helmed by Iron Man and The Jungle Book director Jon Favreau , the film is one of the most-anticipated films is slated to release on July 19.
    Celtics to waive F Yabusele

    Celtics to waive F Yabusele

    Only third overall pick Jaylen Brown remains from that class, where the C's also selected Croatian big man Ante Zizic at No. 23. None of those options would be almost as exciting as Fall, who has been impressive in Summer League action.
    ‘Pose’ Star Angelica Ross Joins ‘American Horror Story: 1984’

    ‘Pose’ Star Angelica Ross Joins ‘American Horror Story: 1984’

    Murphy and fellow creator Brad Falchuk have a history of reusing " American Horror Story " actors for each installment. Here's hoping he has as much fun with all those genre tropes as he has in seasons past.
  • Mortal Kombat Movie Becomes Brutal And R-Rated

    Mortal Kombat Movie Becomes Brutal And R-Rated

    The new Mortal Kombat movie has started filming in Australia this year, and is due out sometime in March 5, 2021. However, on July 9 it was confirmed that Joe Taslim will be playing the most iconic character of MK, Sub-Zero.
    Haas, Rich Energy at odds over sponsorship deal

    Haas, Rich Energy at odds over sponsorship deal

    In a single weird tweet, Rich Energy announced that the deal has been "terminated" in the days before the British grand prix . Haas issued a statement on Thursday morning from Steiner, stating: "Rich Energy is now the title partner of Haas F1 Team".
    ‘Nightmare’ Philip Hammond: I’ll fight Boris Johnson from the backbenches

    ‘Nightmare’ Philip Hammond: I’ll fight Boris Johnson from the backbenches

    But also a degree of disappointment because there was more that I wanted to do. "I think the public have got a very simple view". Mrs May said she had underestimated the unwillingness of some people in parliament to compromise to deliver Brexit.
  • Heidi Klum & Tom Kaulitz Secretly Married In February

    Heidi Klum & Tom Kaulitz Secretly Married In February

    Klum and Seal separated after almost seven years of marriage in January 2012, and Heidi filed for divorce in April 2012. She told her social media followers last December that she and Kaulitz were engaged. "He is absolutely wonderful.
    Angels cover mound with Tyler Skaggs' No. 45 jerseys following no-hitter

    Angels cover mound with Tyler Skaggs' No. 45 jerseys following no-hitter

    A 45-second moment of silence was held and every player on the team wore his jersey with his number, 45, on their back. A picture of Skaggs was also included on the center-field wall and a video montage was provided on the scoreboard.
    US Trade Talks to Restart Friday With Little Sign of Compromise

    US Trade Talks to Restart Friday With Little Sign of Compromise

    AUSTR Wilson and the Deputy Assistant USTR Brendan Lynch are in New Delhi on July 11-12", according to a USTR spokesperson. Energy imports from Iran and defence imports from Russian Federation are also likely to figure in the discussions.
  • New MacBook Pro up to 83% faster than the previous generation

    New MacBook Pro up to 83% faster than the previous generation

    Benchmarks results show an 83% increase in speed, but performance-wise, it could be different in real-world usage. The newly upgraded MacBook Pro entry-level will be worth $1,299 United States dollars .
    Dumped Love Islander Lucie admits she still has eyes for Tommy

    Dumped Love Islander Lucie admits she still has eyes for Tommy

    Joe has even reportedly spoke to her family about his intentions, and they seem happy for the pair to restart their romance. Lucie described her Love Island experience as "a fun holiday" and admits she "made some unbelievable friends in the villa".
    Mattel releases David Bowie-themed Barbie

    Mattel releases David Bowie-themed Barbie

    Mattel this week also announced a one-off Barbie doll which will honour Italian astronaut, Samantha Cristoforetti. A year ago the company released dolls with wheelchairs and prosthetic limbs .

Comments

Latest news

Iwobi talks up golden generation as Nigeria bid to reach final
They came through against Ivory Coast 4-3 on penalties in their quarter-final following a 1-1 draw after extra time. Ighalo has scored three goals , in the last game he didn't score but we saw Chukwueze and Ekong scoring.

Amazon Music Unlimited gaining subscribers faster than Spotify and Apple
The subscription costs also factor into consumer's decision to go with Amazon as they are lower than the competition. Amazon Music's growth is largely because of Alexa and Echo devices.

Simona Halep tops Serena Williams in dominant Wimbledon final performance
Despite the lack of success in the previous meetings, Halep insisted that her focus is on Wimbledon rather than Williams. To do so, she'll have to get past a fellow former world No. 1 who's in peak condition, both physically and mentally.

Barcelona confirm $135 mln signing of World Cup-winner Antoine Griezmann
Barcelona have reportedly shelled out the requisite €120 million release clause in his contract to the LFP. His presentation events can be watched on FCBarcelona.com and on Barca TV.

Roger Federer tops Rafael Nadal to make Wimbledon final
This will be the 48th time Federer and Djokovic play against each other as pros, which is eight more than Federer vs. For his part, Nadal sounded a tad tired of the rivalry narrative, forced endlessly to revisit a shared history.

Boeing 737 Max chief to retire amid executive shuffle
The Max is critical to Boeing's future; the company has a backlog of about 4,500 orders from around the world. United had previously left its 14 737 MAX jets off its flight schedule through early September.

Hrithik Roshan starrer Super 30 impresses B-town celebrities, film critics
Next up is Kalank which has garnered over Rs 21.60 crores on its opening day. " 'Super 30' has a decent Day 1". Gujarat boss clergyman Vijay Rupani likewise watched the film and shared his response on Twitter .

Fortnite Fortbyte 23: Between a Van Parking Lot, Petrol Station and Footprint
Fortbytes can offer challenging objectives from time to time, but we'll always be down for simple location based challenges too. It's southeast of Pleasant Park, sort of halfway between there and Neo Tilted (west and little south of Loot Lake).

Liverpool fans troll Man United training session with plane message
Solskjaer is determined to get his players fit after criticising their conditioning after he succeeded Jose Mourinho in December. But a cheeky Liverpool fan couldn't help but have a crack at Manchester United about an hour before training began.

There's a New Development in the Meghan Markle Wimbledon Photo Ban Drama
Both the Duchess of Cambridge and the Duchess of Sussex will be at Wimbledon for the women's singles final on Saturday. Serena admitted that she did not know there was a negative response to Meghan being there.

Introducing HBO Max, WarnerMedia's Streaming Domination Scheme
Tokyo Vice , based on Jake Adelstein's non-fiction first-hand account of the Tokyo Metropolitan Police beat starring Ansel Elgort. It'll also be the exclusive streaming home to " The Fresh Prince of Bel Air " and " Pretty Little Liars ".

Huawei calls on USA to lift export restrictions
It turns out that's what Huawei calls it too, but the company just said that it wants to keep using the real Android on its smartphones.

China's June Exports, Imports Fall as Trade War Takes Heavier Toll
China's global exports sank 1.3 percent to $212.8 billion while imports fell 7.3 percent to $161.9 billion. Trump also claimed Xi had agreed that China would buy large amounts of USA agricultural goods.

Miley Cyrus: 'I don't fit into a stereotypical wife role'
Cyrus recently released her new EP She Is Coming and appears in an episode of the new season of Netflix series Black Mirror . Hannah Montana played a massive role in our lives during those awkward, pre-teen years. "Like, you just took my life".

Hong Kong protesters take aim at Chinese traders
On Tuesday, she declared the legislation "dead", but protesters want her government to formally withdraw it and quit, among other demands.

Other news