Bloomberg reported that crude exports from the Commonwealth of Independent States could drop 17% by 2040 due to tight oil production in the United States, according to the Russian Academy of Sciences.
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Reuters reported that the International Energy Agency (IEA) lowered its forecast for oil demand growth for the 3rd month in a row, causing Brent prices to decline more sharply than US crude.
Reuters reported that the U.S. Energy Information Administration said the country’s oil production is set to exceed imports since 1995. Currently, the United States oil output has surged to over 7million bpd.
Reuters reported that oil stayed below $109 per barrel due to a weaker outlook for demand growth in top consumers China and the US.
Bloomberg reported that West Texas Intermediate oil shrunk its discount to Brent to lowest level in 7 weeks as it traded near the highest level since the beginning of March.
Reuters reported that the US oil boom should be sufficient to allow consumers to withstand probable supply shocks, according to the International Energy Agency.
Bloomberg reported that International Energy Agency’s chief economist, Fatih Birol, said the prices of oil are harming Europe, which will need to spend 500 billion euros on oil imports this year, over 200 billion euros more than average.
Supply concerns dogging major producers have kept both Brent crude and WTI above $100 per barrel to begin the year.
CNBC reports that the decision by the International Energy Agency (IEA) to release an additional oil into the market is teasing.
Short-term price cut may boost ailing economies, but resulting friction with the oil cartel could have long-term implications on price stability.