Peak oil

Global oil output hit a record of 100 million barrels per day in August, but the market may tighten and prices rise as exports from Iran and Venezuela decline, the International Energy Agency said on Sept. 13.

The price of oil fell during the Asian session after the reported surprise growth in US stocks. Impacts also came from expecting Organization of the Petroleum Exporting Countries and other manufacturers to decide if they will increase their production at the June meeting, Reuters reported.

Saudi Arabia said on May 18 it is consulting other oil producers in and outside OPEC to ensure the world has adequate supplies to support economic growth after prices hit $80 a barrel for the first time since 2014.

Despite continued economic growth, U.S. businesses and farmers are increasingly concerned about the trade spat with China which already has pushed prices higher, according to a Federal Reserve survey released on April 18.

Fuel prices are not expected to rise in the summer. This was stated by Valentin Zlatev, Chairman of the Bulgarian Petroleum and Gas Association. He will continue to insist on a law on trade in fuels, which will impose stricter control in the sector.

Global oil demand is expected to pick up more quickly this year, but supply is still growing at a faster pace leading to a rise in inventories in the first quarter of 2018, the International Energy Agency (IEA) said on March 15.

The oil industry needs to quickly step up investment to meet rising demand as the booming US shale sector will only be able to quench the global thirst for crude for the next two years, the International Energy Agency said on March 5.

The rise in global oil production, led by the United States, is likely to outpace growth in demand this year, the International Energy Agency said on Feb. 13.

Oil hit $71 a barrel on Jan. 25 for the first time since 2014, supported by OPEC-led supply curbs, a record-breaking run of declines in U.S. crude inventories and a weaker U.S. dollar.

Oil rose further above $68 a barrel on Jan. 4 to the highest since May 2015, supported by unrest in Iran raising concern about risks to supplies, cold weather in the United States boosting demand and OPEC-led output cuts.