IEA slightly dropped its projection on oil demand– August report

Yesterday, the IEA – International Energy Agency published its monthly report on the global oil market for July 2011.

During July, OPEC’s oil production inclined by nearly 0.1 m bbl/d compared with June’s average oil production; as a result, the current oil production is similar to the level of oil output from before the Libyan turmoil had commenced back in February 2011.

The worldwide oil demand projections slightly declined by 0.1 mb/d on average to 89.5 mb/d in 2011.

The global oil supply inclined by 0.6 mbbl/d during July from June 2011, mainly due to the increase in non-OPEC countries oil production including Canada.

In the report there are also estimated falls in OECD oil inventories by 11.8 million bbl to 2,678 million bbl. From a preliminary report, there was an increase of 18.5 million bbl gain onshore OECD inventories, but floating storage declined.

Current Nymex crude oil price, short term futures (September 2011 delivery) is traded up by 0.34%, as its at $83.17 per barrel as of 11:59*.

The current Dated Brent spot oil price inclines by $0.38/b and it is at $105.74 / barrel as of 12:11*.

 Euros to US dollar exchange rate is currently traded up at 1.4209 a 0.2203% increase as of 12:04*.

(* GMT)


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