Killajoules

Oil production estimates for Sudan and South Sudan are cut amid revenue-sharing dispute
Monthly IEA Oil Market Report says China most likely to experience the acute effects of the supply disruption.

Efforts to restore oil production in Libya are progressing faster than anticipated
Going forward, the timing and pace of the production increases will hinge on the state of supporting infrastructure, such as pipelines and refineries

IEA 30-Day Review of Libya Collective Action
The IEA Secretariat has completed its 30-day review of the Libya Collective Action launched on 23 June. The review concludes that the Action served a market need by adding liquidity and bridging the gap to additional supplies from OPEC countries. The Secretariat continues to closely monitor market conditions, and the IEA stands ready to augment the Libya Collective Action if market conditions again warrant. While we are not now seeking the release of additional stocks, the Action is not yet complete as stocks are still entering the market. To date, the Libya Collective Action involves just over 2.5% of public and industry obligated stocks.

IEA makes 60 million barrels of oil available to market to offset Libyan disruption
International Energy Agency (IEA) Executive Director Nobuo Tanaka announced today that the 28 IEA member countries have agreed to release 60 million barrels of oil in the coming month in response to the ongoing disruption of oil supplies from Libya. This supply disruption has been underway for some time and its effect has become more pronounced as it has continued. The normal seasonal increase in refiner demand expected for this summer will exacerbate the shortfall further. Greater tightness in the oil market threatens to undermine the fragile global economic recovery.

IEA report looks at oil, gas market prospects through 2016
Annual growth in oil demand could average 1.2 million barrels per day (mb/d) between now and 2016, while natural gas demand could grow by around 500 billion cubic meters – around 2.5 times Russia’s current gas exports – during the same time, according to the IEA’s Medium-Term Oil and Gas Markets 2011.