IEA, Monthly Crude Demand Estimate Pared
IEA, Monthly Crude Demand Estimate Pared
The International Energy Agency released its monthly Oil Market Report for November Tuesday, the agency has pared its Q-4 demand estimate by 290,000 BPD from the October report’s estimate of 90.1-M BPD.
Demand growth in Y 2012 has been cut back from 730,000 BPD to 670,000 BPD. If that holds, total demand in Y 2012 will be about 89.6-M BPD
The cut to demand was attributed to lower US demand following Superstorm Sandy and “persistent weakness in Europe.” Prices have also declined since the US general election, the agency said, on worries about the US Fiscal Cliff.
OPEC supplied 31.15-M BPD a day in October, a 1 month low. Non-OPEC supply totaled 53.4-BPD up by 840,000 BPD in September.
The IEA expects non-OPEC supply to rise by 460,000 BPD in Y 2012 over Y 2011, and by 860,000 BPD in Y 2013. The stronger supply forecast and weaker demand has cut the amount of oil the IEA estimates will be needed from OPEC members. That total was lowered by 500,000 BPD for Q-4 of Y 2012, to 30-M BPD.
IEA’s estimate of Crude Oil inventory increases in the 30 developed nations of the OECD comes to 15.2-M bbls, to a total OECD inventory level of 2.746-B bbls.
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