OPEC raises global oil demand forecast by 1.04m bpd in 2014

Author: Ryan Littlestone | Category: News

Author: Ryan Littlestone

  • Based on stronger economy
  • Highest growth since 2010
  • Expects non-OPEC supply to rise by 1.14m bpd in 2014 led by further US growth
  • Rising non-OPEC supply to reduce OPEC demand by 250k bpd to 29.61m bpd in 2014
  • 2014 market outlook implies further rise in global inventory levels
  • OPEC secondary sources estimate groups output fell by 310k bpd in June to 30.38m and caused by problems in Libya, Nigeria, Angola & Iraq

_bweekly 10 07 2013

 

Brent is edging towards $110 again and has done so fairly quietly as Adam pointed out yesterday Oil: The quiet bull market

We’ve been held up by the 50 fib level of the Feb/Jun 2012 hi/lo at $108.43 and the 55 wma & 200 dma at $108.20. High so far today $108.47.

LON GMT+1
BJ HK+8
NY EST-4
TYO +9

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