Latest news with #USShale
Argaam
07-07-2025
- Business
- Argaam
OPEC+ may raise output by 550,000 bpd in September: Goldman Sachs
Goldman Sachs anticipates that a group of eight OPEC+ member countries will raise their oil production quotas by 550,000 barrels per day (bpd) in September, marking the final phase of unwinding the 2.2 million bpd in voluntary output cuts. This projection follows OPEC+'s decision, released on July 5, to raise production by 548,000 bpd in August, citing resilient global oil demand. According to Reuters, Goldman Sachs stated that the move to accelerate supply increases reinforces confidence in a transition toward long-term market balance, with an emphasis on restoring spare capacity and market share to typical levels. The bank added that this strategy supports internal cohesion within the group and reflects continued strategic adjustments to US shale oil supply. Goldman Sachs projects that crude oil output from the eight OPEC+ members will rise by 1.67 million bpd between March and September, reaching a total of 33.2 million bpd. The bank maintained its Brent crude price forecast at $59 per barrel for Q4 2025, and $56 per barrel for 2026. On the demand side, Goldman Sachs forecasts global oil consumption to increase by 600,000 bpd in 2025, and by 1 million bpd in 2026, driven by robust Chinese demand, resilient global economic activity, and a weaker US dollar.
Arab News
29-06-2025
- Business
- Arab News
Aramco cuts July propane, butane prices amid market shifts
RIYADH: Saudi Aramco has lowered its official selling prices for propane and butane for July 2025, reflecting changing global market dynamics. In a statement released on Sunday, the oil giant set propane at $575 per tonne and butane at $545 per tonne—both down $25 from the previous month. The adjustment continues a downward trend driven by evolving supply-demand conditions. Propane and butane, classified as liquefied petroleum gases, are essential fuels for heating, transport, and petrochemical production. Aramco's monthly pricing serves as a key benchmark for LPG shipments from the Middle East to the Asia Pacific. The global LPG market is undergoing a reshuffle as China shifts away from US imports due to steep tariffs, increasingly turning to Middle Eastern suppliers. In turn, American cargoes are being rerouted to Europe and other parts of Asia. This realignment is putting pressure on global LPG prices and weakening demand for US shale byproducts, impacting both American shale producers and Chinese petrochemical firms. Meanwhile, the trend is spurring greater interest in alternative feedstocks like naphtha. Middle Eastern exporters are benefiting from the shift, stepping in to fill the gap left by falling US exports to China. Buyers in Asia, including Japan and India, are also taking advantage of the softer prices to strike more favorable supply deals.
Arab News
15-05-2025
- Business
- Arab News
IEA forecasts slowdown in global oil demand growth for the rest of 2025
LONDON: The International Energy Agency said on Thursday economic headwinds combined with record sales of electric vehicles will reduce global oil demand growth to 650,000 barrels per day for the remainder of 2025. That marks a slowdown from the 990,000 bpd the IEA measured for demand growth over January-March. 'Increased trade uncertainty is expected to weigh on the world economy and, by extension, oil demand,' the IEA said in its May oil market report. The IEA now expects global demand growth to average 740,000 bpd overall this year, an upward revision of 20,000 bpd on the month because of higher expected economic growth and lower oil prices supporting consumption. It sees demand growth then averaging a similar 760,000 bpd in 2026. The Paris-based watchdog hiked its supply growth forecast by almost 400,000 bpd on the month to 1.6 million bpd in 2025 as expectations of higher output from Saudi Arabia offset a predicted slowdown in US shale oil output in a lower oil price environment. Saudi Arabia accounts for almost all of the hike in the IEA's 2025 supply growth forecast, the IEA said, as it is the only country with room to add barrels back to the market based on current production levels. The OPEC+ group agreed a second monthly accelerated output increase for June at its last meeting. 'Based on continued price weakness, we expect more activity cuts over the coming quarters,' the IEA said of US shale, having cut its US shale forecast by 40,000 bpd for 2025 and 190,000 bpd for 2026. In its own monthly oil report on Wednesday, the Organization of Petroleum Exporting Countries trimmed its forecast for oil supply growth from the US and other producers outside the wider OPEC+ group for 2025. A sharp rise in supply, considerably outpacing demand growth, will force oil storage levels higher by an average of 720,000 bpd this year, the IEA said, after stocks declined on average by 140,000 bpd last year.
Zawya
15-05-2025
- Business
- Zawya
IEA forecasts slowdown in global oil demand growth for the rest of 2025
LONDON - The International Energy Agency (IEA) said on Thursday economic headwinds combined with record sales of electric vehicles will reduce global oil demand growth to 650,000 barrels per day for the remainder of 2025. That marks a slowdown from the 990,000 bpd the IEA measured for demand growth over January-March. "Increased trade uncertainty is expected to weigh on the world economy and, by extension, oil demand," the IEA said in its May oil market report. The IEA now expects global demand growth to average 740,000 bpd overall this year, an upward revision of 20,000 bpd on the month because of higher expected economic growth and lower oil prices supporting consumption. It sees demand growth then averaging a similar 760,000 bpd in 2026. The Paris-based watchdog hiked its supply growth forecast by almost 400,000 bpd on the month to 1.6 million bpd in 2025 as expectations of higher output from Saudi Arabia offset a predicted slowdown in U.S. shale oil output in a lower oil price environment. Saudi Arabia accounts for almost all of the hike in the IEA's 2025 supply growth forecast, the IEA said, as it is the only country with room to add barrels back to the market based on current production levels. The OPEC+ group agreed a second monthly accelerated output increase for June at its last meeting. "Based on continued price weakness, we expect more activity cuts over the coming quarters," the IEA said of U.S. shale, having cut its U.S. shale forecast by 40,000 bpd for 2025 and 190,000 bpd for 2026. In its own monthly oil report on Wednesday, the Organisation of Petroleum Exporting Countries (OPEC) trimmed its forecast for oil supply growth from the U.S. and other producers outside the wider OPEC+ group for 2025. A sharp rise in supply, considerably outpacing demand growth, will force oil storage levels higher by an average of 720,000 bpd this year, the IEA said, after stocks declined on average by 140,000 bpd last year.
CNA
15-05-2025
- Business
- CNA
IEA forecasts slowdown in global oil demand growth for the rest of 2025
LONDON : The International Energy Agency (IEA) said on Thursday economic headwinds combined with record sales of electric vehicles will reduce global oil demand growth to 650,000 barrels per day for the remainder of 2025. That marks a slowdown from the 990,000 bpd the IEA measured for demand growth over January-March. "Increased trade uncertainty is expected to weigh on the world economy and, by extension, oil demand," the IEA said in its May oil market report. The IEA now expects global demand growth to average 740,000 bpd overall this year, an upward revision of 20,000 bpd on the month because of higher expected economic growth and lower oil prices supporting consumption. It sees demand growth then averaging a similar 760,000 bpd in 2026. The Paris-based watchdog hiked its supply growth forecast by almost 400,000 bpd on the month to 1.6 million bpd in 2025 as expectations of higher output from Saudi Arabia offset a predicted slowdown in U.S. shale oil output in a lower oil price environment. Saudi Arabia accounts for almost all of the hike in the IEA's 2025 supply growth forecast, the IEA said, as it is the only country with room to add barrels back to the market based on current production levels. The OPEC+ group agreed a second monthly accelerated output increase for June at its last meeting. "Based on continued price weakness, we expect more activity cuts over the coming quarters," the IEA said of U.S. shale, having cut its U.S. shale forecast by 40,000 bpd for 2025 and 190,000 bpd for 2026. In its own monthly oil report on Wednesday, the Organisation of Petroleum Exporting Countries (OPEC) trimmed its forecast for oil supply growth from the U.S. and other producers outside the wider OPEC+ group for 2025. A sharp rise in supply, considerably outpacing demand growth, will force oil storage levels higher by an average of 720,000 bpd this year, the IEA said, after stocks declined on average by 140,000 bpd last year.
