Crude Oil Price Forecast | Costs of Oil Production by Country
The International Energy Agency is a Paris-based autonomous intergovernmental organization established in 1974 in the wake of the 1973 oil crisis. The IEA was initially dedicated to responding to physical disruptions in the supply of oil, as well as serving as an information source on statistics about the international oil market and other energy sectors.
IEA member countries (excluding crude oil net exporters) are required to maintain total oil stock levels equivalent to at least 90 days of the previous year's net imports. As the IEA data shows, by the end of 2014 IEA members have significantly surpassed this obligation. The overall oil stocks levels for IEA member countries has exceeded 220 days of net imports, driven mainly by the enormous increase of oil stocks in the United States.
For now, each IEA member maintains the stock level above 90-day requirement. The only exception is Australia, which has oil reserves only for 52 days of net imports.
Source: IEA Closing Oil Stock Levels in Days of Net Imports
For further information about definitions and calculations please visit IEA methodology page.
The Energy Data Brief offers key statistics designed to help energy market watchers anticipate and respond to developments in the energy sector as well as changes in related industries and investments.
In November 2018, the United States exported a historic 2.6 million barrels of crude oil per day to become the world’s fifth largest exporter of crude oil. While the US is on track to maintain this historic volume of production during the next couple of years, the EIA in March tempered its February production growth forecast, issuing a 0.9 percent downward revision for 2019 and 1.3 percent revision for 2020. The current forecast predicts average 12.3 million b/d production this year and 13 million b/d in 2020, while the previous average estimates were 12.41 and 13.2 million b/d,...
In June, US crude oil exports reached historic levels at nearly 2.2 million barrels per day (b/d), a level similar to that of Nigeria and Iran. From 1975 until late 2015, a federal ban on the export of US crude oil severely restricted crude oil exports to all countries except Canada. By lifting the ban, the US Government has transformed the United States into a major exporter of crude oil and a force that is reshaping global oil markets. To date in 2018, the United States has averaged more than 1.7 million b/d of crude oil exports while continuing to import an average of 7.9...
(2 November 2020) Contrary to reasoned arguments of those who believe that the peak of oil demand is still far ahead even as the likes of bp expect we'll never again return to pre-COVID global oil demand levels, the US stock market has already chosen the green path. For the first time ever, the market value of a primary producer of renewable energy has surpassed that of oil majors. On October 7, 2020, the market value of the world's largest producer of wind and solar energy—Nextera Energy—topped US oil majors Exxon Mobil and Chevron. One day before US election day, the market...
(15 June 2021) The US natural gas spot price at Henry Hub, Louisiana — the benchmark price reference for the US natural gas market and an important price reference in global gas trading — will average $3.07 per million British thermal units (MMBtu) in 2021, a 51% increase from the 2020 average, according to the U.S. Energy Information Administration (EIA). The agency attributes this year's price growth to rising liquefied natural gas (LNG) exports and increasing domestic natural gas consumption outside of the power sector. In 2022, Henry Hub prices are expected to decrease to...
Our website uses cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your personal cookie settings through your internet browser settings.
Privacy Policy