| | | Thronefish, Trump lowering oil prices will put a hurt on Russia. What a brilliant way to "lower" oil prices. Slow demand down, thereby causing oversupply in the market.
Remember what I said about "treating the addict"? Seems like our "oil addiction" is being treated thanks in part due to Trump's tariffs ...
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World oil market faces even larger 2026 surplus, IEA says (Reuters)
LONDON, Nov 13 (Reuters) - The global oil market faces an even bigger surplus next year of as much as 4.09 million barrels per day as OPEC+ producers and rivals lift output and demand growth slows, the International Energy Agency said on Thursday.
The outlook from the IEA, which advises industrialised countries, is the latest warning that the oil market is heading for oversupply. A surplus of 4.09 million bpd would be equal to almost 4% of world demand, and is much larger than other analysts' predictions.
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"Global oil market balances are looking increasingly lopsided, as world oil supply is forging ahead while oil demand growth remains modest by historical standards," the IEA said in its monthly report.
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U.S. Crude Oil Stockpiles Rise as Production Hits Record (WSJ)
U.S. crude oil inventories increased more than expected last week as U.S. production hit a record high and exports fell, according to data released Thursday by the U.S. Energy Information Administration.
Commercial crude oil stocks excluding the Strategic Petroleum Reserve rose by 6.4 million barrels, to 427.6 million barrels, in the week ended Nov. 7, and were about 4% below the five-year average for the time of year, the EIA said. Analysts in a Wall Street Journal survey had expected a 400,000 barrel crude stock build.
U.S. crude oil production rose by 211,000 barrels a day, to just under 13.9 million barrels a day, the highest on record, according to EIA estimates. Crude imports were down by 703,000 barrels a day, at 5.2 million barrels a day, while exports fell by 1.6 million barrels a day, to 2.8 million barrels a day.
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Tenchusatsu |
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