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LequteMan
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The International Energy Agency today trimmed its outlook for oil demand over the next eighteen months and highlighted threats to the Organization of Petroleum Exporting Company, OPEC.
It said oil demand will grow less slightly than its projection in july due to the difficulty the global economy has in picking up speed. The critical factor however is the rise of North American shale energy and these factors pose some threats to OPEC’s dominance.
The Agency trimmed it’s forcast for growth of global oil demand this year by 30,000 barrels per day to 895,000 barrels per day because the International Monetary Fund had lowered its forecast for growth of the global economy from 3.3 percent to 3.1 percent.
The speed at which oil demand would pick up next year had also been reduced to 1.1 million barrels per day from 1.2 mbd because economic growth now look like being 3.8 percent instead of 4.0 percent.
US demand had risen firmly in the first six months, but in the long term was expected to edge down, whereas production of shale oil and gas is rising fast.
It said oil demand will grow less slightly than its projection in july due to the difficulty the global economy has in picking up speed. The critical factor however is the rise of North American shale energy and these factors pose some threats to OPEC’s dominance.
The Agency trimmed it’s forcast for growth of global oil demand this year by 30,000 barrels per day to 895,000 barrels per day because the International Monetary Fund had lowered its forecast for growth of the global economy from 3.3 percent to 3.1 percent.
The speed at which oil demand would pick up next year had also been reduced to 1.1 million barrels per day from 1.2 mbd because economic growth now look like being 3.8 percent instead of 4.0 percent.
US demand had risen firmly in the first six months, but in the long term was expected to edge down, whereas production of shale oil and gas is rising fast.
