IEA: Global oil market for June 2021 - July 13
Posted: Tue Jul 13, 2021 8:05 am
IEA says if OPEC+ deadline persists and production remains at July levels, oil markets will tighten dramatically
IEA publishes its latest monthly report. Says:
Oil price turbulence to continue until OPEC+ output strategy is clarified.
Volatility does not help energy transitions, not in interest of producers or consumers.
Overhang in oil stocks that built up last year have already been worked off.
Preliminary data suggests Q3 2021 could see largest crude oil stock draw in at least a decade.
World oil supply rose 1.1M bpd in June to 95.6M bpd.
Preliminary data for June for US, Europe and Japan show industry stocks fell by 21.8M barrels.
OECD industry stocks rose by 18.1M barrels in May, but 75.8M below 2016-2020 average to 2.95B barrels.
OPEC+ eased output cuts, non-OPEC production ramped up.
Following two months of decline, global oil demand surged by estimated 3.2M bpd to 96.8M bpd in June.
Oil demand set to rise 5.4M bpd in 2021 and by further 3M bpd in 2022.
IEA publishes its latest monthly report. Says:
Oil price turbulence to continue until OPEC+ output strategy is clarified.
Volatility does not help energy transitions, not in interest of producers or consumers.
Overhang in oil stocks that built up last year have already been worked off.
Preliminary data suggests Q3 2021 could see largest crude oil stock draw in at least a decade.
World oil supply rose 1.1M bpd in June to 95.6M bpd.
Preliminary data for June for US, Europe and Japan show industry stocks fell by 21.8M barrels.
OECD industry stocks rose by 18.1M barrels in May, but 75.8M below 2016-2020 average to 2.95B barrels.
OPEC+ eased output cuts, non-OPEC production ramped up.
Following two months of decline, global oil demand surged by estimated 3.2M bpd to 96.8M bpd in June.
Oil demand set to rise 5.4M bpd in 2021 and by further 3M bpd in 2022.