The oil market has entered a new era with lower Chinese economic growth and booming US shale output, making a return soon to high prices unlikely, the West's energy watchdog said on Friday.
The International Energy Agency (IEA
Brent crude fell almost three per cent to a fresh low near $86 a barrel on Tuesday, trading at its weakest level since 2010 after the West's energy watchdog cut its estimates for oil demand this year and next.
The global oil b
Demand for oil in 2015 will grow far slower than previously forecast as global economies remain weak, the International Energy Agency (IEA) said, and prices may extend their sharp fall so long as Opec shows no sign of countering a supply surge
Nearly 3 per cent of global oil production is vulnerable to cuts if prices fall to $80 per barrel, making some projects in Canada, Angola, Brazil and Norway unprofitable, the International Energy Agency (IEA) said.
Brent crude fell below $88 a barrel on Tuesday, returning to a nearly four-year low hit the day before, after the world's energy watchdog cut its estimates for oil demand this year and next.
The global oil benchmark has droppe
The vast majority of shale oil in the US is produced at costs far below the current price of crude, the head of the west's energy watchdog said, which means US projects can withstand the market slump squeezing other producers.
A substantial increase in Iranian oil storage capacity will give the sanctions-hit country more flexibility to export crude, the International Energy Agency (IEA) said.
The US and the European Union have impose
Brent crude dropped to a two-year low below $97 a barrel on Thursday, falling for a sixth straight session as worries over mounting supply and weak demand outweighed concerns that conflicts in the Middle East could curb oil production.
Last year power capacity from sources such as wind, solar or hydro expanded at its fastest pace to date, putting renewables on a par with natural gas at almost 22 per cent of global electricity generation.
Huge rises in oil production from North America are keeping oil markets increasingly well supplied, the West's energy watchdog said on Tuesday, suggesting oil prices are unlikely to rise much soon despite conflicts near key oil producing are