{"id":28860,"date":"2017-12-14T20:14:59","date_gmt":"2017-12-15T01:14:59","guid":{"rendered":"http:\/\/olduvai.ca\/?p=28860"},"modified":"2017-12-14T20:14:59","modified_gmt":"2017-12-15T01:14:59","slug":"is-the-oil-glut-set-to-return","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=28860","title":{"rendered":"Is The Oil Glut Set To Return?"},"content":{"rendered":"<h3><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Is-The-Oil-Glut-Set-To-Return.html\">Is The Oil Glut Set To Return?<\/a><\/h3>\n<picture><img decoding=\"async\" class=\"singleArticle__articleImage\" title=\"Oil\" src=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/ead1e492be17bb1469214c820282fd5b.jpg\" alt=\"Oil\" \/><\/picture>\n<div id=\"article-content\" class=\"wysiwyg clear\">\n<p>For the second month in a row, the IEA has poured cold water onto the oil market, publishing an analysis that suggests 2018 could hold some bearish surprises for crude.<\/p>\n<p>The IEA\u2019s <a href=\"http:\/\/www.iea.org\/newsroom\/news\/2017\/december\/omr-happy-new-year.html\">December Oil Market Report<\/a> dramatically revises up the expected growth of U.S. shale, which goes a long way to torpedoing the excitement around the OPEC extension.<\/p>\n<p>Late last month, when OPEC agreed to extend its production cuts through the end of 2018, the U.S. EIA came out with data \u2013 on the same day as the OPEC announcement \u2013 that showed an <a href=\"https:\/\/oilprice.com\/Energy\/Crude-Oil\/US-Shale-To-Surge-After-OPEC-Extension.html\">explosive increase<\/a> in shale output for the month of September, up 290,000 bpd from the month before.<\/p>\n<p>Although there is a time lag on publishing production data, the huge jump in output in September, plus the spike in rig count activity over the past few weeks, points to strength in the U.S. shale sector. Against that backdrop, the IEA predicted that non-OPEC supply would grow by 1.6 million barrels per day (mb\/d) in 2018, a rather significant upward revision of 0.2 mb\/d compared to last month\u2019s report.<\/p>\n<p>Adding insult to injury for OPEC, the IEA sees oil demand growing by just 1.3 mb\/d. In other words, supply will grow at a faster pace than demand next year, opening up a global surplus once again. \u201cSo, on our current outlook 2018 may not necessarily be a happy New Year for those who would like to see a tighter market,\u201d the IEA said. The surplus will be front-loaded \u2013 the first half of the year will see a glut of about 200,000 bpd.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/d32r1sh890xpii.cloudfront.net\/tinymce\/2017-12\/1513275561-iea1.jpg\" width=\"451\" height=\"334\" \/><\/p>\n<p>(Click to enlarge)<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Is The Oil Glut Set To Return? For the second month in a row, the IEA has poured cold water onto the oil market, publishing an analysis that suggests 2018 could hold some bearish surprises for crude. The IEA\u2019s December Oil Market Report dramatically revises up the expected growth of U.S. shale, which goes a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[416,6010,589,3044,596,5332,600],"class_list":["post-28860","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-iea","tag-nick-cunningham","tag-oil-demand","tag-oil-glut","tag-oil-supply","tag-oilprice-com","tag-opec"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28860"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28860\/revisions"}],"predecessor-version":[{"id":28861,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28860\/revisions\/28861"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}