The International Energy Agency cut its world oil demand forecast for 2013 on Tuesday on continuing fragility in the world economy despite signs of recovery in China and the United States. The IEA said the marginal cut of 85,000 barrels a day was in line with the prospect for slower economic growth forecast by the International Monetary Fund, which last month cut its world growth estimate for 2013 to 3.5 percent from 3.6 percent. The agency now forecasts oil demand of 90.7 million barrels per day, with the eurozone and Latin America accounting for much of the revisions. \"The reduction in the IMF economic outlook for Europe seems particularly ominous,\" the agency said in its monthly report on the world oil market, in part because of \"the sheer size of the region’s economic footprint\". Oil demand across Europe is now forecast to decline 260,00 bpd, or down 1.9 percent, instead of 235,000 bpd lower as forecast earlier. The IEA said world oil supply hit 12-month lows in January, down 100,000 bpd on a monthly basis to 30.34 mbd, despite higher production from Saudi Arabia and Kuwait.
GMT 22:17 2018 Monday ,22 January
Opec output cuts near victoryGMT 22:57 2018 Saturday ,20 January
the literary canary in India's coalmineGMT 07:11 2018 Friday ,19 January
Oil market heads towards 'smooth rebalancing': OPECGMT 19:07 2018 Saturday ,13 January
Oil hits $70 a barrel for the first time in three yearsGMT 19:07 2018 Saturday ,13 January
Oil hits $70 a barrel for the first time in three yearsGMT 15:44 2018 Saturday ,13 January
Bahrain to host MERTC 2018GMT 18:24 2018 Friday ,12 January
No need to panic over $70 oil price: UAE Energy MinisterGMT 13:21 2018 Friday ,12 January
Kuwaiti oil price up 93 cents to stand at US$66.09 per barrelMaintained 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 ©
Send your comments
Your comment as a visitor