The International Energy Agency (IEA) is an autonomous organisation which works to ensure reliable, affordable and clean energy for its 29 member countries and beyond. The IEA has four main areas of focus: energy security, economic development, environmental awareness and engagement worldwide. The four main areas of IEA focus are:
Energy Security: Promoting diversity, efficiency and flexibility within all energy sectors;
Economic Development: Supporting free markets to foster economic growth and eliminate energy poverty;
Environmental Awareness: Analysing policy options to offset the impact of energy production and use on the environment, especially for tackling climate change; and
Engagement Worldwide: Working closely with partner countries, especially major economies, to find solutions to shared energy and environmental concerns.
WEO (World Energy Outlook) 2017
Four large-scale shifts in the global energy system set the scene for the World Energy Outlook-2017 (WEO-2017):
- The rapid deployment and falling costs of clean energy technologies; in 2016, growth in solar PV capacity was larger than for any other form of generation; since 2010, costs of new solar PV have come down by 70%, wind by 25% and battery costs by 40%.
- The growing electrification of energy; in 2016, spending by the world’s consumers on electricity approached parity with their spending on oil products.
- The shift to a more services-oriented economy and a cleaner energy mix in China, the world’s largest energy consumer, subject of a detailed focus in this Outlook.
- The resilience of shale gas and tight oil in the United States, cementing its position as the biggest oil and gas producer in the world even at lower prices.
IEA OMR (Oil Market Report): June 2017
Recent weaknesses in demand growth are likely to prove transitory, particularly in post currency-reform India. Although global growth was only 0.9 mb/d in 1Q17, it accelerates in 2H17 and for the year as a whole our outlook remains unchanged at 1.3 mb/d. In 2018, growth increases modestly to 1.4 mb/d as demand reaches a record 99.3 mb/d.
Global oil supply rose by 585 kb/d in May to 96.69 mb/d as both OPEC and non-OPEC countries produced more.
OPEC crude output rose by 290 kb/d in May to 32.08 mb/d, the highest level so far this year, after comebacks in Libya and Nigeria, which are exempt from supply cuts.
IEA OMR (Oil Market Report): April 2017
Global demand growth of 1.3 mb/d is forecast for 2017
World oil supply fell by 755 kb/d in March as OPEC and non-OPEC producers pumped less and improved compliance with the output reduction pact.
OPEC crude output fell by 365 kb/d in March to 31.68 mb/d, led by losses in Nigeria, Libya - both exempt from supply cuts - and Saudi Arabia.
OECD industry stocks drew moderately in February
Crude prices fell more than $3/bbl on average in March, but rose by $5/bbl in early April.
After 1Q17's almost flat performance vs 1Q16, refinery throughput in 2Q17 will grow 1.15 mb/d y-o-y.