oil market tension eases
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Oil market tension eases

Arab Today, arab today

Arab Today, arab today Oil market tension eases

Paris - AFP

Tension on the oil market may be easing, the International Energy Agency (IEA) said yesterday in a report, offering some hope for the global economy, but sanctions could cause production by Iran to "plummet". Oil prices have been on a rising trend since late 2009, when the world economy began to recover from the financial crisis, to the point where many analysts say they could now derail growth. Prices hit 2011 highs again in March but have since fallen, the IEA said in its latest monthly report, with its 2012 oil demand growth forecast unchanged at 800,000 barrels per day (bpd) to 89.9 million. In its previous report in March, the IEA had warned of "a heady brew of both real and anticipated supply-side risks," chief among them concerns over Iran's nuclear programme, but this time it believed the pressures were easing. "Acknowledging that data remain preliminary, first quarter 2012 fundamentals nonetheless show a clear shift from the seemingly relentless tightening evident over the prior 10 quarters [from third quarter 2009]," it said. It said an increase of 1.2 million bpd in Opec supply compared with the level in the fourth quarter of 2011 implied a significant 1 million bpd increase in stocks "Together with Saudi supply assurances, market speculation on a potential strategic stock release and hopes pinned on multilateral talks over Iran's nuclear programme, easing ... fundamentals have seen prices recently lose most of the $5 [per barrel] they gained in March." The increase in stockpiles may mean that "the cycle of repeatedly tightening fundamentals evident since 2009 has been broken for now," it said. "We cannot discount the possibility that prices will remain high so long as geopolitical uncertainties remain. "Further surprises almost inevitably lurk around the corner for both demand and supply. But for now at least, the earlier tide of remorseless market tightening looks to have turned," the IEA added. Welcome reprieve If that turns out to be the case, it will be a welcome relief after a series of weaker US, Chinese and European data undercut hopes on the economic outlook. On Wednesday, the US Federal Reserve warned that higher petrol (gasoline) prices were clouding the outlook by crimping consumer spending, a key driver of economic growth. From gulfnews

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*

oil market tension eases oil market tension eases

 



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*

oil market tension eases oil market tension eases

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday