Arab Today, arab today economic slowdown could cap oil prices
Last Updated : GMT 11:08:51
Arab Today, arab today
Arab Today, arab today

Economic slowdown could cap oil prices

Arab Today, arab today

Arab Today, arab today Economic slowdown could cap oil prices

London - Arabstoday

Global economic slowdown could put a lid on oil prices but there is a risk \"nasty supply surprises\" could reignite a market rally, the International Energy Agency said. The agency, which advises industrialized countries on energy policy, said oil market fundamentals had \"clearly eased since the start of the year\" and stocks had built up significantly over the last few months. But the IEA said any move by the Organization of the Petroleum Exporting Countries to reduce production to its declared output target of 30 million barrels per day (bpd) could have a dramatic impact on the market. \"Strict adherence to the previous 30 million bpd quota risks a renewed and potentially damaging price surge,\" the IEA said in its monthly Oil Market Report. The IEA said the 12 members of OPEC pumped close to 31.8 million bpd in June, before the imposition of an EU oil embargo on Iran on July 1 and tougher US sanctions. This was 1.3 million bpd higher than its estimate for the demand for OPEC crude oil this year and in 2013 and helped contribute to a further increase in global oil inventories. Oil prices have fallen by around a quarter over the last three months with North Sea Brent dipping below $100 per barrel, down from a high above $128 in March as supply has outstripped demand. The IEA kept its estimate of global oil demand growth steady at around 800,000 bpd for this year and said demand would increase by around 1 million bpd in 2013. The agency\'s estimate of global demand next year is around 200,000 bpd higher than forecasts by both the US Energy Information Administration and OPEC, but still reflects a market slowdown in oil demand growth in the industrialized economies. The IEA estimates world oil demand at 90.9 million bpd in 2013, and says fuel consumption in the developed economies of the Organization for Economic Co-operation and Development (OECD) will be overtaken for the first time by non-OECD demand, \"a trend that is unlikely to be reversed\". Stocks of crude oil in the large industrialised economies rose by more than 15 million barrels in May, the IEA said, to over 2.67 billion barrels. Total oil inventories in days of forward demand fell slightly, by 0.8 days to 58.9 days, in May but this still left stocks 1.4 days above the five-year average. \"The oil market is over-supplied,\" said Barbara Lambrecht, energy markets analyst at Commerzbank in Frankfurt. \"OPEC supply is high, well above what consumers need right now. If anything, the IEA estimate of the build in oil stocks is lower than we would have expected. Supply is very comfortable.\" The IEA said Iranian crude oil production fell to near 22-year lows in June as Western pressure over its nuclear programme curbed purchases by refineries, especially in Europe and Asia. The agency estimated Iranian crude output at 3.2 million bpd in June, down from 3.3 million bpd in May. But an increase in production by Saudi Arabia more than compensated for the decline in Iranian output as production by the Kingdom rose 150,000 bpd to 10.15 million bpd in June, a level the IEA said was \"near-record\". At the same time, oil production by non-OPEC countries is also high and rising, the IEA said, forecasting an overall increase of around 700,000 bpd in 2013 to 53.2 million bpd after an increase of about 400,000 bpd this year. Much of this increase will come from the US where production of light crude oil from shale deposits in Texas, North Dakota and other mid-western states is rising sharply.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today economic slowdown could cap oil prices Arab Today, arab today economic slowdown could cap oil prices

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today As Olympics loom, China plunges into snow biz

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom, China plunges into snow biz
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues

GMT 21:32 2017 Friday ,24 February

Dubai announces crude oil price for May

GMT 13:37 2017 Thursday ,23 February

Oman oil price rises 30 cents

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high

GMT 17:44 2017 Wednesday ,22 February

Gasoline 98 octane price surges LL100
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday