article thumbnail

IEA forecasts global oil demand to reach 101.6 mb/d in 2023; non-OECD countries lead expansion

Green Car Congress

Assuming Libya rebounds from a steep drop, the bloc’s production could increase 2.6 OECD industry stocks also rose, by 42.5 At 2,669 mb, OECD industry stocks were nevertheless 290.3 mb below the 2017-2021 average. Non-OPEC+ is set to lead world supply growth through next year, adding 1.9 mb/d in 2022 and 1.8 mb/d and 1.9

Oil 210
article thumbnail

US Shale Is Now Cash Flow Neutral

Green Car Congress

The IEA says that in the third quarter of 2016, the US shale industry became cash flow neutral for the first time ever. million barrels per day in the second quarter of 2015, the industry did not break even. That was enough to make the industry cash flow neutral for the first time in its history. That isn’t a typo.

article thumbnail

Europe Expands Virtual Borders To Thwart Migrants

Cars That Think

It was after midnight in the Maltese search-and-rescue zone of the Mediterranean when a rubber boat originating from Libya carrying dozens of migrants encountered a hulking cargo ship from Madeira and a European military aircraft. When I got to Libya, I didn’t have money,” Jacob says. Five more migrants died on the southward journey.

Europe 144
article thumbnail

Opinion: Saudis Could Face An Open Revolt At Next OPEC Meeting

Green Car Congress

CME Brent oil futures project continuity: as of August 18, 2015, CME Brent futures projected the price remaining below $60/bbl until June 2017. As we have pointed out, RBC Capital’s fragile five , Algeria, Libya, Nigeria, Iraq and Venezuela, the pain is intense.

article thumbnail

Oil Prices Running Out Of Reasons To Rally

Green Car Congress

percent in intraday trading on Monday, after a report at the end of last week showed another solid build in the US rig count, the tenth consecutive week that the oil industry added rigs back into the field. At the start of 2017, there are two major dynamics at play occurring at the same time, each pushing in opposite directions on the market.

article thumbnail

Increase in US rig count will not cap oil prices

Green Car Congress

Besides massive futures trading, the other factors affecting WTI include the value of the US dollar (it rises and WTI falls), OPEC production, world oil demand, North American and US storage, Iranian crude embargoes, and periodic and unplanned supply disruptions from everywhere from Libya to Nigeria to Fort McMurray.