Global Oil Demand Revised Downward

Thursday, November 10, 2011

According to the International Energy Agency’s Monthly Oil Market Report, global demand for oil usage has been adjusted slightly downward, as persistent economic uncertainty and sustained high oil prices have simultaneously thwarted demand’s previous trek upward.
While global economic growth assumptions remain basically unchanged for 2011 and 2012, weakness in 3Q2011 has sparked concern. IEA estimated global demand in September, albeit based on preliminary data, as flat compared to the same month in 2010. This follows growth of 1.4% in August. If this result holds, it would signal the weakest monthly demand growth since October 2009.
Nevertheless, the forecast revisions are moderate, as IEA cut 2011 by 70 kb/d and lowered 2012 by only 20 kb/d, with an upward baseline revision to 2010 of 20 kb/d, primarily due to Syria, providing some offset. The short-term oil demand picture remains cautious but stable. Recent weaker‐than‐expected data for China, the US and Japan, led to combined downward revisions in September of 670 kb/d.  IEA did caution, as it habitually does, that the outlook could sour significantly if economic prospects falter.
 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

ABB hands over Germany’s DolWin1

DolWin1 integrates 800 megawatts (MW) of clean energy into the German transmission grid ABB, the leading power and automation technology group, has successfully

Korean Shipyards in Troubled Water

Struggling with technology and a plunge in oil prices that has discouraged exploration, Korean vessel makers are racking up debt and could show billions of dollars in losses, reports Bloomberg.

NOIA Applauds RI Offshore Wind Project

National Ocean Industries Association (NOIA) president Randall Luthi issued a statement congratulating “steel in the water” for Deep Water Wind’s Block Island Wind Farm,

Energy

Singapore MPA Wants LNG Bunkering Options

Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to

China's Navy Drills in South China Sea

China said it conducted air and sea drills in the South China Sea on Tuesday as it stakes an increasingly assertive claim to virtually the whole sea despite rival claims by neighbours.

ABB hands over Germany’s DolWin1

DolWin1 integrates 800 megawatts (MW) of clean energy into the German transmission grid ABB, the leading power and automation technology group, has successfully

 
 
Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1245 sec (8 req/sec)