IEA Revised Down 2011 Estimate on Oil Demand– October Report

Today, the IEA – International Energy Agency published its monthly report on the global crude oil market as of September 2011.

During September, OPEC’s oil production slipped by to 30.15 million bbl/d compared with August’s average oil production; this was mainly due to the drop in Saudi Arabia and Nigeria’s revised down oil production quota.

The global oil demand projection was revised down by 50 kb/d to an average of 89.3 mb/d in 2011.

The global oil supply also declined by 0.3 mbbl/d during September from August 2011, mainly due to the decrease in non-OPEC countries’ oil production.

In the report there are also estimated falls in OECD industry oil inventories of 3.4 million bbl to 2,692 million bbl. Yet the oil stockpiles dropped below the 5-year average for the first time since 2008; this means that the tight oil market in OECD countries, mainly in Europe was probably among the reasons for keeping the gap between Brent oil and WTI above the $20 mark.   

Current Nymex crude oil price, short term futures (November 2011 delivery) is traded up by 0.16%, as its at $85.97 per barrel as of 18:37*.

Current Dated Brent spot oil price inclines by $1.24/b to $110.58 / barrel as of 18:49*.

Euros to US dollar exchange rate is currently traded up at 1.3815 a 1.2786% increase as of 18:49*.

S&P500 index is traded up with a 1.66% increase to 1,215.36.

(* GMT)


For more on this subject: