Global oil demand to fall in new year

Lower than expected global economic growth decreases oil demand prediction for 2015.

Global oil demand to fall in new year
World Bulletin/News Desk
 
 Global oil demand will fall by 230,000 barrels per day to 93.3 million barrels per day in 2015, according to the International Energy Agency's Monthly Oil Market Report.

For 2014, global oil demand stood unchanged at 94.2 million barrels per day, mb/d. Due to lower than expected global economic growth, the agency lowered its oil demand prediction for 2015 to 93.3 mb/d.

For the Organization of the Petroleum Exporting Countries, OPEC, oil demand for 2015 is anticipated to lower by 300,000 barrels per day, b/d, and reach 28.9 mb/d.

In November, global oil supply fell by 340,000 b/d from the previous month to 94.09 mb/d. For non-OPEC countries oil supply was seen at 56.5 mb/d in 2014 and is projected to rise by 1.3 mb/d to 57.8 mb/d in 2015. 

Global oil production fell in November by 340,000 b/d to 94.1 mb/d compared to the previous month. The predicted fall is due to the decrease of production in OPEC countries. 

In November, OPEC production fell by 315,000 b/d to 30.32 mb/d due to a supply decrease in Libya. OPEC countries agreed to keep production at 30 mb/d at their meeting in Nov. 27.

Oil prices continued to fall in November and into early December to below $65, the lowest in five years.

Downward price pressure deepened after top exporter Saudi Arabia in early December cut monthly formula prices to Asia and the U.S., a move some analysts interpreted as a sign that Riyadh is seeking to keep up oil sales amid growing competition," the report said.

 

Last Mod: 12 Aralık 2014, 16:40
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