article thumbnail

IEA March Oil Market Report revises 2015 demand forecast upward

Green Car Congress

mb/d, as losses in Libya and Iraq offset higher supply from Saudi Arabia, Iran and Angola. OECD commercial stocks rose by a weaker?than?average Final December and preliminary current-quarter data show higher?than?expected expected US crude supply, raising the 2015 North American outlook. mb/d, above the group’s official 30 mb/d target.

2015 150
article thumbnail

New EIA report boosts estimates of global recoverable shale oil resources 10-fold to 345 billion barrels

Green Car Congress

More than half of the identified shale oil resources outside the United States are concentrated in four countries—Russia, China, Argentina and Libya—while more than half of the non-US shale gas resources are concentrated in five countries: China, Argentina, Algeria, Canada, and Mexico.

Oil 281
article thumbnail

Increase in US rig count will not cap oil prices

Green Car Congress

The geological and commercial differences between the two couldn’t be more glaring. The IEA cautions the return of Canada’s oil sands to the market or the potential outbreak of peace and tranquility in Nigeria, Libya and Venezuela could change this outlook. Every forecast must carry these caveats.