{"id":15801,"date":"2014-01-21T10:37:03","date_gmt":"2014-01-21T10:37:03","guid":{"rendered":"https:\/\/www.ncr-iran.org\/en\/issues\/economy\/15801-iea-sees-higher-oil-demand-on-developed-nation-economic-recovery"},"modified":"2014-01-21T10:37:03","modified_gmt":"2014-01-21T10:37:03","slug":"iea-sees-higher-oil-demand-on-developed-nation-economic-recovery","status":"publish","type":"post","link":"https:\/\/www.ncr-iran.org\/en\/news\/economy\/iea-sees-higher-oil-demand-on-developed-nation-economic-recovery\/","title":{"rendered":"IEA Sees Higher Oil Demand on Developed-Nation Economic Recovery"},"content":{"rendered":"<p>Source: <a href=\"http:\/\/www.bloomberg.com\/news\/2014-01-21\/iea-sees-higher-oil-demand-on-developed-nation-economic-recovery.html\" target=\"_blank\" rel=\"noopener noreferrer\">Bloomberg.com<\/a><\/p>\n<p>Global oil demand will increase more this year than previously forecast, the International Energy Agency said. A ban on U.S. crude exports may crimp output growth, the Paris-based group said.<\/p>\n<p>World consumption will climb by 1.3 million barrels a day, or 1.4 percent, to 92.5 million barrels a day, the IEA said today in its Oil Market Report. The increase of 90,000 barrels a day from last month is the first year of annual demand growth in developed nations since 2010, it said. U.S. restrictions on exports may mean its surging domestic production hits a \u201ccrude wall\u201d that curbs further expansion, the IEA said.<\/p>\n<p>\u201cUpside risks to oil demand growth are much more relevant this year than the same period last year, where concerns were for downside risks to materialize,\u201d Miswin Mahesh, an analyst at Barclays Plc in London, said by e-mail yesterday. \u201cDemand-supply metrics in the oil market are moving toward a relatively better equilibrium this year as further North American production gets on board.\u201d<\/p>\n<p>Brent crude has lost 4.3 percent in the past year, trading at $106 a barrel in London today, as burgeoning North American shale output curbs import from the U.S., the world\u2019s biggest oil user. Prices have also retreated as a temporary agreement on Iran\u2019s nuclear program eased concern that tensions in the region could escalate and as Libya set about restoring production curtailed by protests.<\/p>\n<p>OPEC Output<\/p>\n<p>Higher forecasts for global fuel demand prompted the IEA to increase estimates for the amount of crude needed from the Organization of Petroleum Exporting Countries. OPEC\u2019s 12 members, responsible for about 40 percent of global oil supplies, will need to provide an average of 29.4 million barrels a day in 2014, or about 200,000 a day more than the IEA had forecast in last month\u2019s report.<\/p>\n<p>OPEC\u2019s production was about 400,000 barrels a day higher than the demand for its crude in December, according to the IEA. The group\u2019s supply rose for the first time in five months, increasing by 310,000 barrels a day to 29.82 million a day because of higher output from Saudi Arabia, the biggest member and de facto leader, and the United Arab Emirates. OPEC will next meet on June 11 in Vienna.<\/p>\n<p>Saudi Production<\/p>\n<p>Saudi Arabia boosted output by 75,000 barrels a day to 9.82 million a day last month, the IEA said. Production in Iran, which in November secured some sanctions relief in exchange for temporarily curbing its nuclear program, rose by 40,000 barrels a day last month to 2.75 million a day. Iraq was the only OPEC member where production fell in December, declining by 25,000 barrels a day to 3.07 million a day.<\/p>\n<p>Laws preventing the export of crude from the U.S., where the production surge last year was among the biggest for any country in history, \u201ccould have an adverse impact in continued investment in light tight oil and thus continued growth in production,\u201d an event the IEA refers to as the \u201ccrude wall.\u201d<\/p>\n<p>\u201cThat \u2018wall\u2019 now seems to be looming larger than ever,\u201d the agency said. The additional supply has so far been absorbed by U.S. refiners, who have increased overseas sales of finished products that aren\u2019t subject to export restrictions, it said.<\/p>\n<p>Total oil inventories in the most developed nations are the furthest below their five-year average in more than a decade, according to the IEA. Stockpiles of crude and refined products were 99.5 million barrels below the five-year mean in November, at 2.6 billion barrels, after a plunge of 53.6 million. The steepest decline since 2011.<\/p>\n<p>The agency trimmed estimates for non-OPEC supplies in 2014. Producers, led by the U.S., Canada and Brazil, will raise output next year by 1.7 million barrels a day to 56.4 million. That\u2019s 100,000 a day less than projected in last month\u2019s report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Bloomberg.com Global oil demand will increase more this year than previously forecast, the International Energy Agency said. A ban on U.S. crude exports may crimp output growth, the Paris-based [&#8230;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[175],"class_list":{"0":"post-15801","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy","7":"tag-updated"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IEA Sees Higher Oil Demand on Developed-Nation Economic Recovery - NCRI<\/title>\n<meta name=\"description\" content=\"Source: Bloomberg.com Global oil demand will increase more this year than previously forecast, the International Energy Agency said. 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