Follow us:
  • Facebook
  • Twitter
  • Google+
  • AppStore
  • RSS
Azernews.Az
Wednesday December 11 2019
  • Latest
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel
Home
  • Home
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel

Wood Mackenzie: Global oil market not as saturated as many believe

27 June 2019 17:26 (UTC+04:00)
1 320

By Trend

Global oil market may face a lack of supply in the third quarter of 2019, Ann-Louise Hittle, vice president, Macro Oils, at global natural resources consultancy Wood Mackenzie, told Trend.

The expert said that the market isn’t oversaturated as much as many believe.

She noted that excess in demand may lead to supply problems.

“Last month, an excess of demand was expected in the market when there were reports of a revision of some forecasts for 2019,” she said. “However, the balance can quickly shift to an excess of supply if there is another loss in production or exports.”

Regarding the OPEC+ ministerial meeting, she said that it’s too early to give forecasts.

OPEC and a number of non-affiliated countries (OPEC+) at the end of 2018 decided to modernize the terms of the agreement on reducing oil production, which has been in force since the beginning of 2017. The countries agreed to reduce their production by a total of 1.2 million barrels per day from the level of October 2018. The new agreement is designed for the first half of 2019.

The next OPEC + ministerial meeting will be held July 1-2.

---

Follow us on Twitter @AzerNewsAz  

  • #WOOD MACKENZIE
  • #GLOBAL OIL MARKET

Related News

Wood Mackenzie: TANAP’s opening is landmark moment for both Azerbaijan and EU

Wood Mackenzie: TANAP’s opening is landmark moment for both Azerbaijan and EU

30 November 15:41
Wood Mackenzie: Azerbaijan to produce billions of barrels of oil in coming decades

Wood Mackenzie: Azerbaijan to produce billions of barrels of oil in coming decades

22 October 17:27
Azerbaijan to become 5th largest oil producer in BP's global portfolio

Azerbaijan to become 5th largest oil producer in BP's global portfolio

22 April 14:19
Global upstream spend will recover to over $500B

Global upstream spend will recover to over $500B

7 March 11:20
Wood Mackenzie: 2019 to be record year for LNG project sanction

Wood Mackenzie: 2019 to be record year for LNG project sanction

8 January 11:34
Wood Mackenzie: LUKOIL to dominate Uzbek oil, gas sector years ahead

Wood Mackenzie: LUKOIL to dominate Uzbek oil, gas sector years ahead

9 August 2018 14:39
Wood Mackenzie talks on upward, downward pressure on oil prices

Wood Mackenzie talks on upward, downward pressure on oil prices

30 July 2018 10:31
OPEC to maintain its role as key oil supplier through to 2040 – Wood Mackenzie

OPEC to maintain its role as key oil supplier through to 2040 – Wood Mackenzie

18 July 2018 14:44
Oil explorations hit bottom of last 60 years

Oil explorations hit bottom of last 60 years

10 May 2016 14:37
Iran to see increase of oil output from major fields

Iran to see increase of oil output from major fields

22 April 2016 13:00
  • Latest
  • Popular
16:55 • Farid Shafiyev: EU welcomes ongoing reforms in Azerbaijan
16:37 • Digital New Year Campaign from Azercell! [PHOTO]
16:20 • Young entrepreneurs to receive tax benefits [PHOTO]
16:04 • Azerbaijani president receives delegation led by commissioner of Statistics Korea
15:45 • Gloomy weather expected in capital
15:26 • Bulgaria interested in transporting cargo via BTK
15:00 • Tourism infrastructure projects to boost tourist flow to Kazakhstan's Karaganda
14:30 • Armenia destroying water resources in occupied territories
14:15 • Belgian violinist to perform in Baku
14:00 • Georgia approves state budget for 2020
13:45 • Ballots' distribution to precinct commissions for municipal elections starts in Azerbaijan
13:20 • Turkmenistan, Lithuania mull strengthening co-op
13:05 • Does social media negatively affect our mental health?
12:44 • President Ilham Aliyev receives BP Chief Executive Officer [UPDATE]
12:36 • Deputy PM: Process of early parliamentary elections officially starting in Azerbaijan
12:24 • Company promoting F1 Azerbaijan Grand Prix to move to "green strategy"
12:09 • National mugham singer captivates France [PHOTO/VIDEO]
11:54 • Armenia's denial of aggression against Azerbaijan challenges international law
11:47 • Turkey, Azerbaijan ink road transport document
11:32 • Public figures gather at stunning fashion festival [PHOTO/VIDEO]
10 December 19:04 • Azerbaijan launches joint venture on organic fertilizer production
10 December 19:21 • Azerbaijani gas to reach Italy in 2020
10 December 18:15 • Kazakhstan ratifies agreement with CIS countries to fight cybercrime
10 December 17:36 • Daily production of oil products reached 776,000 barrels in Azerbaijan in November
10 December 17:47 • China auto sales drop for 17th straight month in November
10 December 18:27 • Heydar Aliyev İnternational Airport expands geography of flights, attracts new airlines
10 December 19:57 • Azerbaijani farmers present national products in Dubai [PHOTO]
10 December 20:12 • Azerbaijan, Russia open joint pharmaceutical factory [PHOTO]
14:30 • Armenia destroying water resources in occupied territories
10 December 19:43 • Azerbaijan’s Azerishig reconstructing transmission lines, transformer substations
10 December 18:50 • Azerbaijani FM meets Pakistani envoy upon completion of diplomatic tenure
10 December 18:00 • Foggy weather expected in Baku
10 December 18:38 • Turkish holding eyes mining, extraction projects in Kazakhstan
10 December 19:38 • Azerbaijani Economy Ministry talks on tax exemption for private entrepreneurs
11:05 • Minister says Armenia in economic impasse due to its destructive policy
13:20 • Turkmenistan, Lithuania mull strengthening co-op
10:34 • Azerbaijan among TOP-10 countries by EBRD investments
11:54 • Armenia's denial of aggression against Azerbaijan challenges international law
11:16 • Penoplex company launches construction of thermal insulation boards in Azerbaijan
12:24 • Company promoting F1 Azerbaijan Grand Prix to move to "green strategy"
See more
AzerNews Newspaper
AzerNews
  • Facebook
  • Twitter
  • Google+
  • RSS

Information

About us Contacts Advertising Azernews In Print

News Archive

© 2019 AzerNews. All rights reserved