OPEC

The agency, which provides energy advice to the world’s most industrialised nations, cut its global oil demand growth forecast for this year by 250,000 barrels per day (bpd) to 800,000 bpd. “This month’s report dwells on recent economic downgrades, and resultant weaker oil products demand growth for 2012,” the IEA said. “This is providing a ceiling for otherwise stubbornly-high crude prices.” The IEA cited a cut by the International Monetary Fund (IMF) in its economic projections with the...Read Full Story

Thu, Feb 2 2012 10:00 IST | 1 Views | Add your comment SHARE: Ecuador has signed contracts for $1.7 billion in investment - the biggest to date in the country's oil sector - to boost output at a pair of mature Amazon fields. Non-Renewable Natural Resources Minister Wilson Pastor, speaking at a signing ceremony at the presidential palace in Quito, described the fields as Ecuador's "crown jewel". The 15-year incremental production contracts with two consortiums are aimed at...Read Full Story

<p>Due to various factors such as; the continuing economic crisis in Europe; the delicate situation in Iran and the uncertainty over its oil supplies; the economic worries currently being experienced by, and still facing, the US; and the general high prices of retail petroleum, the Paris-based agency, the Organisation of the Petroleum Exporting Countries (OPEC), have predicted that world oil demand will slow in 2012. In a monthly report the forecast for overall growth in demand has been cut...Read Full Story

Kuwait News AgencyOPEC Cuts 2012 Oil Demand Forecast as Global Recovery Faltersvia Elite Group9 (- Elite Group Press-) -- The Organization of Petroleum Exporting Countries cut its forecast for global oil demand in 2012 as the economic recovery struggles to gain mome...Read Full Story

(December 2nd 2011) The December OPEC meeting in Vienna is coming and the picture of the oil market is mixed at best: 1) China PMI below 50 for the first time since Feb 2009. Global manufacturing PMIs remain weak as the table below shows, particularly in Europe. 2) Bearish US DOE weekly with high inventory build and very low implied demand. The EIA’s monthly revised oil demand numbers for September came in at 18.8m bpd, which was down from 19.05m bpd. It was also down 0.7m bpd y-o-y. 3) OPEC...Read Full Story