IEA trims view on global oil use in weak economy
Source: Bloomberg News |
March 14, 2013, Thursday
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Print Edition
Print Edition
THE International Energy Agency trimmed global oil demand forecasts for a second month amid "elusive" economic growth, and warned that Venezuela's oil industry may suffer following the death of Hugo Chavez on March 5.
The IEA curbed estimates for global fuel use in 2013 by 60,000 barrels a day, predicting demand will rise by 820,000 barrels a day, or 0.9 percent, to 90.6 million barrels.
Venezuela, OPEC's fourth-biggest producer, "could see a further degradation of the state oil company and the country's oil prospects" if Vice President Nicolas Maduro is elected to succeed Chavez next month, the IEA said in its monthly report yesterday.
"We still have the debt crisis in Europe, in the US, and the fact that oil prices have not come up shows how bearish the situation is," said Gerrit Zambo, an oil trader at Bayerishes Landesbank in Munich. "The fundamental situation is well-supplied, and there's no danger of shortages."
Worsening unemployment in Europe as the continent struggles to move beyond its debt crisis, faltering business confidence in China and budget cuts in the US will continue to curb oil demand, the IEA said. Prices are high enough to limit fuel consumption, it said.
The Paris-based IEA curbed forecasts for crude from the Organization of Petroleum Exporting Countries in 2013 by 100,000 barrels a day, to 29.7 million a day, due to extensive maintenance at refineries.
OPEC is pumping about 800,000 barrels a day above this level after boosting output last month by 150,000 barrels a day to 30.49 million, the IEA's report showed. The gain was led by Iraq, which raised output in February by 170,000 barrels a day to 3.14 million. Saudi Arabia, the group's largest member, kept output flat at 9.25 million barrels a day.
Consumers increased crude imports from Iran, OPEC's third-biggest producer, last month to 1.28 million barrels a day from 1.13 million in January despite the imposition of extra US sanctions last month, the IEA said.
The IEA curbed estimates for global fuel use in 2013 by 60,000 barrels a day, predicting demand will rise by 820,000 barrels a day, or 0.9 percent, to 90.6 million barrels.
Venezuela, OPEC's fourth-biggest producer, "could see a further degradation of the state oil company and the country's oil prospects" if Vice President Nicolas Maduro is elected to succeed Chavez next month, the IEA said in its monthly report yesterday.
"We still have the debt crisis in Europe, in the US, and the fact that oil prices have not come up shows how bearish the situation is," said Gerrit Zambo, an oil trader at Bayerishes Landesbank in Munich. "The fundamental situation is well-supplied, and there's no danger of shortages."
Worsening unemployment in Europe as the continent struggles to move beyond its debt crisis, faltering business confidence in China and budget cuts in the US will continue to curb oil demand, the IEA said. Prices are high enough to limit fuel consumption, it said.
The Paris-based IEA curbed forecasts for crude from the Organization of Petroleum Exporting Countries in 2013 by 100,000 barrels a day, to 29.7 million a day, due to extensive maintenance at refineries.
OPEC is pumping about 800,000 barrels a day above this level after boosting output last month by 150,000 barrels a day to 30.49 million, the IEA's report showed. The gain was led by Iraq, which raised output in February by 170,000 barrels a day to 3.14 million. Saudi Arabia, the group's largest member, kept output flat at 9.25 million barrels a day.
Consumers increased crude imports from Iran, OPEC's third-biggest producer, last month to 1.28 million barrels a day from 1.13 million in January despite the imposition of extra US sanctions last month, the IEA said.
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