Arab Today, arab today iea revises downwards oil demand growth in 2014
Last Updated : GMT 06:58:51
Arab Today, arab today
Arab Today, arab today

IEA revises downwards oil demand growth in 2014

Arab Today, arab today

Arab Today, arab today IEA revises downwards oil demand growth in 2014

Fuel oils and crude petroleum, western Canada
Paris - KUNA

Oil demand growth in 2014 will be 200,000 bbls lower than expected and oil demand will average only 92.4 million barrels per day (mbpd), an annual increase of 700,000, according to revised figures published Tuesday by the International Energy Agency (IEA).
The revisions from the IEA's report a month ago also forecast that demand growth in 2015 will average 1.1 mbpd to reach overall daily demand of 93.5 mbpd that year.
The Agency's monthly "Oil Market Report (OMR)" said the projected drop in demand growth in 2014 and 2015 was due to on reduced expectations of economic growth and the weak recent trend" in the global economy.
The International Monetary Fund and other institutions have been scaling back global growth forecasts and warning that the numerous crises and conflicts at this time could weigh on the evolution of global trade.
At the same time, oil prices fell for the third month in September due to abundant supply, slowing demand and a strong US dollar.
Brent prices have fallen by over 20 percent since June and were last seen at a near four-year low of USD 88.70 per barrel for Brent blend and at USD 85.20 per barrel for WTI.
Meanwhile, global supply rose by 910,000 bbls in September to 93.8 mbpd, on both higher OPEC and non-OPEC production.
Total supply levels are now 2.8 mbpd higher than a year ago, with OPEC alone increasing production by 2.1 mbpd.
In September, OPEC output surged to a 13-month high, led by Libya's continued recovery, and overall OPEC production rose to 30.66 mbpd, an increase of 415,000 bpd from August.
Because of the weaker outlook, the IEA has cut the "call on OPEC crude and stock change" back to 29.3 mbpd for next year, a drop of 200,000 bpd due to the more sombre economic outlook.
OECD stocks held by industrialised countries rose to 2.698 billion barrels in August and preliminary data indicated that inventories in September rose by 14 million barrels.

arabstoday
arabstoday

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 iea revises downwards oil demand growth in 2014 Arab Today, arab today iea revises downwards oil demand growth in 2014

 



Arab Today, arab today

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 iea revises downwards oil demand growth in 2014 Arab Today, arab today iea revises downwards oil demand growth in 2014

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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