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 October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Energy

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Kemp Succeeds Semple at Wood Group

Wood Group announced following changes to its senior management team. Alan Semple, chief financial officer (CFO) has advised the board that he intends to

Baker Hughes to Present at Wells Fargo's 2014 Energy Symposium

Baker Hughes Incorporated announced today that the Company's Vice President and Chief Strategy Officer, Derek Mathieson, will present at Wells Fargo's 2014 Energy Symposium on Wednesday,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1161 sec (9 req/sec)