Oil: IEA lowers forecast for oil demand for 2015
2014-12-12 10:00
(SIX), the International Energy Agency (IEA) cut its forecast for the average global oil demand respect 2015th It is clear from the IEA's latest monthly report presented at the Friday. For 2014, demand is expected to reach 92.4 million barrels per day, which is unchanged compared with the previous monthly report. For 2015 demand is expected to end up at 93.3 million barrels, representing an reduction of 230,000 barrels per day. The IEA says that the reduction for 2015 after lower expectations on demand from the former Soviet Union and other oil-exporting countries. The global crude oil supply fell according to the IEA 340,000 barrels per day in November to 94.1 million barrels per day. Compared with a year ago the total production of 2.1 million barrels per day higher, where production increase was evenly distributed within and outside OPEC. OPEC supply of crude oil during the month amounted to 30.32 million barrels day, which meant a decline of 315,000 barrels per day compared with the previous month. It was still above the official production quota 30 million barrels per day for the seventh consecutive month. Expectations of market demand for OPEC oil (Call on OPEC) for 2015 has been revised down by 300,000 barrels per day to 28.9 million barrels per day. Reasons for revision is lower forecast for global demand and the upward revisions of historical levels and forecasts for North America and supply of biofuel. In the first quarter of 2015, demand for OPEC oil cut in line with seasonal patterns by 1.2 million barrels per day compared to the fourth quarter of 2014. OPEC's spare capacity is estimated to have amounted to 3.45 million barrels Day in November, compared to 3.25 million barrels in October. Saudi Arabia accounts for 80 percent of the idle capacity. OECD oil inventories rose 1.4 million barrels in October 2720 million barrels, which is the highest level since September 2013. The stock level in comparison with the average level for five years increased to positive numbers for the first time since March 2013. Preliminary indications for November suggest a decline in inventories by 7.9 million barrels. In comparison with the five-year average expected level then have risen to 22.5 million barrels. The balance between global supply and demand indicates that stocks can grow to 297 million barrels in the first half of 2015. If half of this inventory build-up would take place within the OECD, it means stock at a record level of 2.869 billion barrels, which would likely pose a test for the limits of storage capacity, according to the IEA. Erik Palmung +46 31 350 64 86 mailto: erik.palmung@six-group.se www.blogg.six.seSIXNews SIX News
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