IEA Reduced Growth Expectation of Global Oil Demands
IEA reduced growth expectation of global oil demands on Thursday (September 11), which was the continuous third month. It claimed that recent oil demands slowed down significantly.
IEA in its monthly oil market report claims that estimated global oil demands will increase by 9 hundred thousand barrels per day, having reduced by 60 thousand barrels, compared with expectation in last month. And global oil demands have decreased by 3 hundred thousand barrels since July.
It says that growth rate of oil demands in the second quarter is the lowest in two and a half year. The main reason is that global oil demands continue bearing pressure for weak economy in Europe and China.
IEA claims that growth rate of global oil demands is predicted to continue speeding up. However, recovery will be restricted further. It estimates that oil demands will increase by 1.2 million barrels per day in the next year while still reduce by 1 hundred thousand per day, compared with expectation in last month. Meanwhile, as the largest oil producer in OPEC, Saudi Arabia seems to begin to respond the prospect of demands decreasing finally.
In last month, daily oil output in Saudi Arabia reduced by 3.3 hundred thousand barrels, which was considered as to respond to the situation that customer demands fell. At the same time, it was also shown that Saudi Arabia had already transferred its emphasis to Asian market. In the past 4 months, daily export volume of Saudi Arabia may be lower than 7 million barrels, which was the lowest level since September in 2011. Because of domestic demands rose in summer, while oil supply to the U.S. decreased.
The data published by OPEC on Wednesday (September 10) also reflected that oil output in Saudi Arabia fell greatly. The whole demands for OPEC oil on market fell when Saudi Arabia reducing its oil output. Oil prices also decreased significantly. It was doubted whether OPEC would reduce its oil output further.
IEA in its monthly oil market report claims that estimated global oil demands will increase by 9 hundred thousand barrels per day, having reduced by 60 thousand barrels, compared with expectation in last month. And global oil demands have decreased by 3 hundred thousand barrels since July.
It says that growth rate of oil demands in the second quarter is the lowest in two and a half year. The main reason is that global oil demands continue bearing pressure for weak economy in Europe and China.
IEA claims that growth rate of global oil demands is predicted to continue speeding up. However, recovery will be restricted further. It estimates that oil demands will increase by 1.2 million barrels per day in the next year while still reduce by 1 hundred thousand per day, compared with expectation in last month. Meanwhile, as the largest oil producer in OPEC, Saudi Arabia seems to begin to respond the prospect of demands decreasing finally.
In last month, daily oil output in Saudi Arabia reduced by 3.3 hundred thousand barrels, which was considered as to respond to the situation that customer demands fell. At the same time, it was also shown that Saudi Arabia had already transferred its emphasis to Asian market. In the past 4 months, daily export volume of Saudi Arabia may be lower than 7 million barrels, which was the lowest level since September in 2011. Because of domestic demands rose in summer, while oil supply to the U.S. decreased.
The data published by OPEC on Wednesday (September 10) also reflected that oil output in Saudi Arabia fell greatly. The whole demands for OPEC oil on market fell when Saudi Arabia reducing its oil output. Oil prices also decreased significantly. It was doubted whether OPEC would reduce its oil output further.
