Arab Today, arab today oil supply falls to 5year lows as demand picks up
Last Updated : GMT 16:15:50
Arab Today, arab today
Arab Today, arab today

Oil supply falls to 5-year lows as demand picks up

Arab Today, arab today

Arab Today, arab today Oil supply falls to 5-year lows as demand picks up

Paris - KUNA

Global oil supply levels fell to five-year lows in January, as demand rallied in developed countries of the OECD, prompting a firming in oil prices in mid-month, the International Energy Agency (IEA) said Thursday. Brent futures were last trade at USD 109.25/bbl while Western Texas Intermediate (WTI) traded at USD 101.25, also reflecting colder weather and expected seasonal maintenance. The IEA said in its latest Oil Market Report (OMR) that global supply fell almost 300,000 b/d to 92.1 million b/d in January, mainly due to falls in non-OPEC output. But the Agency remarked that supply levels are still 1.5 mb/d higher than a year earlier at this period. Thus the IEA said that its forecast for supply growth in 2014 remained unchanged at 1.7 mb/d. OPEC output in January rose a marginal 85,000 b/d to 29.99 mb/d, with a decline in Iraqi production offset by a rise in output in Libya. The report also said that oil demand growth rebounded in the second half of 2013, when demand growth is now estimated to be 1.2 mb/d. More tham 90 percent of this growth came from non-industrialised countries outside the OECD area. The IEA said demand growth in 2014 should be 1.3 mb/d, almost all of which will come from the emerging economies. "Demand growth is expected to accelerate in 2014 in line with the broader economy," the report said, nonetheless. The OMR also noted that OECD industry stocks have plummeted by another 56.8 million barrels, dropping to 2.56 billion barrels. The 1.5 mb/d fourth quarter stock draw was the largest quarterly decline in oil reserves since the end of 1999.

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 oil supply falls to 5year lows as demand picks up Arab Today, arab today oil supply falls to 5year lows as demand picks up

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

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

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
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 Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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