Arab Today, arab today iea raises oil demand outlook on european us growth
Last Updated : GMT 05:36:13
Arab Today, arab today
Arab Today, arab today

Highlighting strongly growing consumption

IEA raises oil demand outlook on European, US growth

Arab Today, arab today

Arab Today, arab today IEA raises oil demand outlook on European, US growth

Oil pumps in operation at oilfield near central Los Angeles
Paris - Arab Today

Oil pumps in operation at oilfield near central Los Angeles The International Energy Agency issued an upbeat outlook for the United States and Europe on Wednesday, saying economic recovery in the advanced economies is expected to lift global oil demand. The IEA, highlighting strongly growing consumption in the United States as economic recovery takes hold, said that it was raising its oil demand forecast for 2013 and 2014.
However, the post-recessionary bounce is not expected to last, particularly since the Asia-Pacific region is expected to drag global demand down with its trend of falling consumption.
And despite the stronger-than-expected performance by the world's richest economies, it is the non-OECD economies which are still forecast to continue leading oil demand growth.
The IEA raised its estimate of the growth of global oil demand this year by 1.3 percent to 145,000 barrels per day (bpd).
This meant it expected total demand to rise by 1.2 million barrels per day (mbd) overall in 2013 from the level in 2012.
That would take aggregate demand this year to 91.2 mbd, and this would rise by 1.2 mbd in 2014, to reach 92.4 mbd.
The IEA noted that US oil demand booked the "fastest pace of growth experienced in nearly 10 years, and even longer if growth is measured in percentage terms".
Demand for September averaged nearly 19,100 bpd, up 0.9 mbd year on year, said the agency.
The eurozone, which emerged from recession in the third quarter, also contributed to the global increase.
"Large North European economies such as Germany, France, Belgium, the UK and much of Scandinavia have led the upside, but even the Mediterranean region, where demand had nosedived, has enjoyed a significantly slower pace of decline," said the IEA.
Average demand growth for the continent stands at about 175,000 bpd, reversing a previous decline rate of 530,000 bpd.
Meanwhile, supplies were also up in November, gaining 310 kbd to 92.3 mbd, fuelled by an increase in non-OPEC production.
Non-OPEC supplies rose by 470,000 barrels per day during the month on an annual basis to 56.16 mbd.
OPEC output was down in November for the fourth month in a row to reach 29.73 mbd, down by 160,000 bd from October.
"The decrease in November crude oil output was mainly the result of a drop in Libya?s production, although smaller declines occurred in Nigeria, Kuwait, UAE and Venezuela. All of these decreases more than offset higher output in Iran, Iraq, and Angola."
Saudi Arabia's production averaged 9.75 mbd in November, unchanged from October.
Meanwhile, Iran's crude production rose only slightly to 2.71 mbd in November from 2.68 mb in October, despite a landmark interim agreement between Tehran and world powers to curb Iran's nuclear drive.
The accord done in Geneva requires Tehran to freeze its nuclear programme for six months in exchange for limited sanctions relief.
However, the IEA said the agreement would have limited impact on supplies, as existing US and EU sanctions on Iranian oil exports remain firmly in place.
"While Tehran will find it easier to ship its oil, notably to India, the lifting of insurance restrictions does not open the floodgates for Iran oil exports," it added.
If a broader agreement is done however, the end of Iran oil sanctions could pose a challenge for other producers, which are already facing competition from rising non-OPEC supplies, said the IEA.
But a more pressing issue is falling inventories amid stronger EU, US demand, the agency said.
Commercial oil inventories in OECD member countries stand at 2,684 mb, 12.2 mb below levels a year ago. It is also a 19.7 mb deficit to the five year average.
Source: AFP

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 raises oil demand outlook on european us growth Arab Today, arab today iea raises oil demand outlook on european us growth

 



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 12:38 2017 Thursday ,23 February

Lower fares hit Qantas first half profit

GMT 10:57 2017 Thursday ,23 February

Chief executive out at Paramount Pictures

GMT 07:26 2017 Thursday ,23 February

A peek inside Qatar's 'gas capital of the world'

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach

GMT 11:14 2017 Wednesday ,22 February

Lloyds Banking Group posts surging profits

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide

GMT 09:57 2017 Tuesday ,21 February

Greece agrees to bailout reforms compromise
View News in Arabic - Business: أخبار الأعمال
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 Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

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