Growth Forecast of Global Oil Demands Reduced This Year
Posted: 08/13/2014 02:08:29 Edited: 08/13/2014 02:08:29 Clicks: 722
Recently, IEA, OPEC and EIA reduce congruously growth forecast of global oil demands this year.
Monthly report of oil demands published by IEA on August 12 claims that on account of unexpected decrease of demands in the second quarter, global daily increasing demands for oil are reduced to 1 million barrels per day, decreased by 18 hundred compared with previous forecast.
“In spite of conflicts that exit in Libya, Iraq and Ukraine, current oil supply is more sufficient than forecast. Oil supply in basin of the Atlantic Ocean even has surplus.” IEA says.
IEA also states that with the improvement of global economic situation, global oil demands in 2015 are still expected to increase at a high speed. Daily demands will increase to 1.3 million barrels while it is still less than 90 thousand barrels predicted by IEA previously.
With the increasing of oil output in non-OPEC countries, the dependence of international oil market on OPEC is lowering gradually. The report published by IEA in July shows that global oil demands in the next year will accelerate rising again for global economic growth. The increasing oil output in the U.S. and Canada will meet the increasing demands, which will erode market shares of OPEC further.
This is the second month that OPEC continues reducing the forecast of increasing demands in 20014. OPEC claims that oil output still increased in July though turmoil happened in Iraq and Libya which suggest that global supply will be more adequate.
Monthly report published by OPEC in last Friday claims that forecast of amplification of global daily oil demands will be reduced to 1.1 million barrels. Descender is 30 thousand barrels and this is the continuous second month that OPEC reduces forecast.
At the same time, OPEC also reduces the forecast of global demands for oil in OPEC to 29.61 million barrels per day, decreased by 70 thousands compared with previous forecast. The reason is that the demands forecast decreases and output expansion in non-OPEC countries.
Besides IEA and OPEC, EIA also reduces growth forecast of global oil demands this year while it raise growth forecast in the next year in its monthly short-term energy report.
The previous monthly report of EIA showed that global increasing demands for oil in 2014 reduce to 1.13 million barrels by 18 thousand barrels while increasing demands in 2015 rises to 1.46 million barrels by 13 thousand barrels.
Monthly report of oil demands published by IEA on August 12 claims that on account of unexpected decrease of demands in the second quarter, global daily increasing demands for oil are reduced to 1 million barrels per day, decreased by 18 hundred compared with previous forecast.
“In spite of conflicts that exit in Libya, Iraq and Ukraine, current oil supply is more sufficient than forecast. Oil supply in basin of the Atlantic Ocean even has surplus.” IEA says.
IEA also states that with the improvement of global economic situation, global oil demands in 2015 are still expected to increase at a high speed. Daily demands will increase to 1.3 million barrels while it is still less than 90 thousand barrels predicted by IEA previously.
With the increasing of oil output in non-OPEC countries, the dependence of international oil market on OPEC is lowering gradually. The report published by IEA in July shows that global oil demands in the next year will accelerate rising again for global economic growth. The increasing oil output in the U.S. and Canada will meet the increasing demands, which will erode market shares of OPEC further.
This is the second month that OPEC continues reducing the forecast of increasing demands in 20014. OPEC claims that oil output still increased in July though turmoil happened in Iraq and Libya which suggest that global supply will be more adequate.
Monthly report published by OPEC in last Friday claims that forecast of amplification of global daily oil demands will be reduced to 1.1 million barrels. Descender is 30 thousand barrels and this is the continuous second month that OPEC reduces forecast.
At the same time, OPEC also reduces the forecast of global demands for oil in OPEC to 29.61 million barrels per day, decreased by 70 thousands compared with previous forecast. The reason is that the demands forecast decreases and output expansion in non-OPEC countries.
Besides IEA and OPEC, EIA also reduces growth forecast of global oil demands this year while it raise growth forecast in the next year in its monthly short-term energy report.
The previous monthly report of EIA showed that global increasing demands for oil in 2014 reduce to 1.13 million barrels by 18 thousand barrels while increasing demands in 2015 rises to 1.46 million barrels by 13 thousand barrels.
