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Commodities Briefing - Categorized | Market Moves, Oil more

IEA sees continued sluggish oil demand growth

Posted on 18 December 2012

The International Energy Agency slightly raised its forecast for oil demand for 2013, but said the tepid rate of global economic expansion would keep demand relatively sluggish. In its monthly market report, the Paris-based agency, which represents major energy-consuming nations, upped its forecast for global oil demand in 2013 by 110,000 barrels a day to 90.5 million barrels a day.
The IEA said emerging markets continue to dominate growth, five of the top-10 oil consuming nations now are non-OECD countries. As OPEC ministers meet in Vienna Wednesday, the report shows how growth in oil demand is shifting to emerging market economies and away from the world’s developed economies. Oil prices have stayed consistently high, despite declining growth in Europe and in the U.S…………………………………….Full Article: Source


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