Related Articles
Forward article link
Share PDF with colleagues

The elusive oil market balance

Slow demand growth, bloated stocks and managed money are impeding the price recovery

Was May the high point-or will Opec come to the rescue? Brent futures jumped above $50 a barrel that month as unscheduled supply outages in Nigeria, Ghana and Canada took around 1.5m barrels a day of supply out of the market. Sentiment seemed to have turned. The long-sought rebalancing was underway. The International Energy Agency (IEA) said at the time that it expected "a dramatic reduction" in global crude stocks, which would fall by around 200,000 b/d in the second half of the year. That was remarkable-in the first half of the year, they were on course to grow by 1.3m b/d. The optimism was short-lived. By the beginning of August, Brent was on the slide again, even threatening to drop be

Also in this section
Energy demand stayed low in 2016, as the fuel mix shifted towards cleaner energy sources
20 June 2017
China and India accounted for almost all the growth, says BP, and global emissions were flat for the second year in a row
The global oil-demand growth forecast for 2017 depends on a bumper Q4
15 June 2017
Either Q1-Q4 crude consumption will rise at its fastest pace since 2010, or the data are very wrong
The blockchain technology challenging the energy world
8 June 2017
As companies queue up to lend their financial support, the rise of this new innovation is unstoppable