Global oil supply could struggle to keep pace with demand after 2020, risking a sharp increase in prices, unless new projects are approved soon, according to the latest five-year oil market forecast from the International Energy Agency.
Oil prices eased in early Asian trade on Tuesday as concerns over a crude and fuel oil glut outweighed an expected cut in US shale production and a likely further draw in US crude stocks.
Crude prices fell more than 1 per cent in
Oil fell on Monday over signs that US shale drillers have adapted to lower prices and on renewed indications of economic weakness in Asia where refiners are already trimming crude runs.
Brent crude was trading
Brent prices for 2017 ended trading above $50 per barrel on Wednesday for the first time since mid-December following the largest and most sustained rally in prices since the oil slump started.
The average for the 12 futures contr
For leading US shale oil producers, $40 is the new $70.
Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce more; now some say they will settle for far less in decid
Oil production in the US will reach a record high by 2021 as efficiency gains help domestic producers to combat the low prices that are likely to force hefty output cuts this year and next, the International Energy Agency (IEA) said.
Oil rose after the world's oil consumer body said it expected US shale production to fall this year and next, potentially easing a glut that has driven prices to their lowest in more than a decade.
The global oil market will begin rebalancing in 2017 when US output declines further under pressure from low oil prices before resuming growth again later in the decade to reach an all-time high by 2021, the International Energy Agency (IEA) sai
Within weeks, two low-profile legal disputes may determine whether an unprecedented wave of bankruptcies expected to hit US oil and gas producers this year will imperil the $500 billion pipeline sector as well.
In the two court fi
Saudi officials insist the kingdom's oil production strategy is not aimed at putting US shale producers out of business, a message that has been repeated to visiting US policymakers.
The United States remai