Review International Energy Agency's Medium-Term Oil
Market Report 2015
The
CSIS Energy and
National Security Program is pleased to host
Antoine Halff,
Head of the
Oil Industry and Markets
Division at the International Energy Agency, to present the
IEA's 2015 Medium-Term Oil Market Report (MTOMR). Guy Caruso,
Senior Adviser with the CSIS Energy and National Security Program, will moderate.
According to the MTOMR, the recent crash in oil prices will cause the oil market to re-balance in ways that challenge traditional thinking about the responsiveness of supply and demand. The report is an attempt to comprehensively chart how the market response to the lower prices is likely to unfold, including an analysis of impacts on demand,
OPEC and non-OPEC supply, refining, crude trade and product supply. On the supply side, its forecast reflects not just lower price assumptions, but also the high price-responsiveness of US light tight oil compared with conventional crude, as well as OPEC’s embrace of market forces in late 2014 in a bid for market share. On the demand front, it shows how the response to lower prices will differ this time around from that of prior episodes of re-balancing.
Credit : CSIS
Petroleum (L. petroleum, from early 15c. "petroleum, rock oil" (mid-14c. in Anglo-French), from
Medieval Latin petroleum, from
Latin petra rock (see petrous) + Latin: oleum oil (see oil (n
.)).[
1][2][3]) is a naturally occurring, yellow-to-black liquid found in geological formations beneath the
Earth's surface, which is commonly refined into various types of fuels.
It consists of hydrocarbons of various molecular weights and other organic compounds.[4] The name petroleum covers both naturally occurring unprocessed crude oil and petroleum products that are made up of refined crude oil. A fossil fuel, petroleum is formed when large quantities of dead organisms, usually zooplankton and algae, are buried underneath sedimentary rock and subjected to intense heat and pressure.
Petroleum is recovered mostly through oil drilling (natural petroleum springs are rare).
More info:
http://en.wikipedia.org/wiki/Petroleum
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Programs
ENERGY AND NATIONAL SECURITY, OUTLOOKS AND FORECASTS
Topics
ENERGY AND CLIMATE CHANGE, MARKETS AND TRENDS, ALTERNATIVE ENERGY, SECURITY AND CLIMATE CHANGE, REGIONAL ANALYSIS
- published: 02 Mar 2015
- views: 100