European Drop to Keep Global Demand for Oil in Check

2013 is expected to be the third consecutive year of weak growth in global oil demand, according to the International Energy Agency's (IEA) April Oil Market Report, a summary of which was released today.

The IEA highlighted what it anticipates will be the sharpest drop in European demand since 1985.

Worldwide, the IEA expects demand to increase by just 795,000 barrels per day (bpd) in 2013. Countries outside the Organisation for Economic Co-operation and Development are predicted to drive growth with an additional 1.28 million-bpd demand, but a 480,000-bpd drop in OECD consumption will offset almost 40% of that gain in demand. In Europe, demand is expected to drop by 340,000 bpd, the weakest level since 1985.

On the other side of demand, the IEA expects non-OPEC supplies to increase 1.1 million bpd, driven largely by renewed exports from South Sudan. Although the IEA's press release does not list 2013 expectations for OPEC oil supplies, it does note that March supplies dropped 140,000 bpd due to disruptions in Nigeria, Libya, and Iraq.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2359113, ~/Articles/ArticleHandler.aspx, 8/22/2014 11:48:29 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 17,025.94 -13.55 -0.08%
S&P 500 1,989.36 -3.01 -0.15%
NASD 4,538.28 6.18 0.14%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes


Advertisement