iea sees oil market improving
Last Updated : GMT 13:03:42
Arab Today, arab today
Arab Today, arab today

IEA sees oil market improving

Arab Today, arab today

Arab Today, arab today IEA sees oil market improving

Paris - AFP

An increase in output should help cushion oil markets seized by tension over a possible conflict in the Middle East, the IEA said Thursday, with emerging market nations facing difficulties due to their falling currencies. The slow pace of the global economy led the International Energy Agency to keep its forecast for oil demand growth for this year unchanged, while rising it slightly in 2014. However a dip in supply by 770,000 barrels per day plus concerns a US strike on Syria over its suspected use of chemical weapons triggering a wider conflict sent oil prices up sharply. The price of Brent crude has since dipped from a peak around $117 hit last month on possibilities of a diplomatic resolution to the standoff. \"But, while the geopolitical storms in the Middle East and North Africa have yet to pass, easing fundamentals look set to lessen the pressure somewhat on market participants - at least for the next few months,\" said the IEA. \"Global crude supply - notwithstanding the Libyan problems - looks set for an upward jump in 4Q13, thanks to a heady mix of seasonal, cyclical, political and structural factors,\" added the energy and oil strategic reserve monitoring arm of the Organisation for Economic Cooperation and Development which groups advanced economies. The rise in oil prices was also supported by production of Libyan crude, which is a top-rated blend that is highly-prized by European refineries, fell from 1 million barrels per day (mbd) in July to just 150,000 in early September due to labour disputes, civil unrest and political discord. The shortfall was partially made up by Saudi Arabia increasing production to 10.19 mbd in August, its highest level in 32 years. Excluding the threat of a Middle East conflict the IEA said the outlook for growth of non-OPEC supplies is generous for the remainder of the year, edging up its supply forecast to 55.5 mbd in the fourth quarter. The call on crude supplies from the OPEC cartel for 2013 was left unchanged at 29.9 mbd. The IEA cut its oil demand forecast for the fourth quarter of this year by 100,000 barrels per day to 91.7 mbd, but left its overall 2013 figure unchanged at 90.9 mbd. The forecast for 2014 demand was raised by 100,000 barrels per day to 92.0 mbd in light with the improved global economic outlook.

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*

iea sees oil market improving iea sees oil market improving

 



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*

iea sees oil market improving iea sees oil market improving

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Leaders of Russia, Iran, Turkey meet

GMT 10:12 2017 Wednesday ,22 November

Leaders of Russia, Iran, Turkey meet
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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