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.