RTTN:IEA Sees Marginal Growth In 2013 Global Oil Demand
The International Energy Agency nudged up its global oil demand growth forecast for the year 2013, citing demand strength.
The IEA, in its monthly Oil Market Report released Friday, inched up its 2013 forecast by 90,000 barrels per day (bd) to reach 91.0 million barrels per day (mbd) based on the recent strength in the demand.
Commenting on the supply, the agency said global oil supply is estimated to have fallen by 625,000 bd m-o-m in September to 91.12 mbd, on steeply lower OPEC output. OPEC crude supplies slipped below 30 mbd for the first time in almost two years, led by steep drops in Libya and Iraq, the agency said.
On the inventory front, the IEA said OECD commercial oil stocks drew counter seasonally by 7.8 mb to 2 660 mb. Refined products cover edged up to 31.1 days of forward OECD demand, a rise of 0.4 day on end-July. Preliminary data for September point to a small counter-seasonal build in total OECD inventories of 1.7 mb.
On the price movement, the agency noted that prices eased in September and early October following plans for Syria to dispose of its chemical weapons and direct talks between Iran and the US at the UN General Assembly.
In its monthly Oil Market Report released Thursday, the OPEC nudged up its 2014 global oil demand forecast by 1.0 mbd to reach 90.8 mbd and said non-OECD countries are projected to lead oil demand growth with 1.2 mbd, while OECD consumption is seen continuing to decline but at a lower rate of 0.2 mbd. However, for the year 2013 global oil demand forecast is estimated to average 89.7 mbd, unchanged from its last month's report.
Meanwhile, Light Sweet Crude Oil (WTI) futures for November delivery are shedding $1.27 to $101.74 a barrel.
