- Energy Transition: Projections of peak oil, gas, and coal demand before 2030 deemed ‘extremely risky and impractical’
- Africa: BW Offshore wraps up much-anticipated sale of Nigerian FPSO
- Senegal: European JV aims to revolutionize country’s power infrastructure
- Congo: Eni, Lukoil, and SNPC ink LNG sale and purchase agreement in a ‘significant milestone’
- Aramco CEO calls for ‘more realistic and robust’ multi-source plan in global energy transition
The IEA published an encouraging Oil Market Report this week, noting that global oil supply contracted for the first time in months while demand remains very robust.
The Paris-based energy agency said that oil demand growth could hit 1.6 mb/d this year, an upward revision from the 1.5 mb/d estimate last month. Refined product inventories are also nearing the five-year average level, a sign that the oil market is making a great deal of progress towards rebalancing.
The report also dismissed fears that the hurricanes in the U.S. would dramatically reduce demand – the agency said any effects will be “short-lived.”