Gulf Oil and Gas accountACCOUNT

EIA Cuts Forecast for Non-OPEC Oil, Demand Growth

Source: Reuters 3/6/2012, Location: Europe

The U.S. Energy Information Administration cut its estimates for oil production growth outside of OPEC countries this year and next and also reduced its estimates on oil demand growth.

Citing factors including recent oil supply disruptions in South Sudan, Yemen and the North Sea, EIA cut its 2012-output growth forecast for non-OPEC countries by 80,000 barrels per day in 2012 and by 170,000 bpd in 2013, according to the March Short Term Energy Outlook released.

Non-OPEC production in 2012 is expected to average 52.46 million bpd, while 2013 output is forecast to average 53.22 million bpd, the EIA said.

The U.S. government's energy statistics arm also reduced its estimate for 2012 oil demand growth by 260,000 barrels per day to 1.06 million bpd, while 2013 demand growth was revised down by 120,000 bpd to a forecasted 1.37 million bpd increase.

U.S. oil demand has flagged this year amid high fuel prices, and total demand for oil products in the world's top oil consumer has hovered near a 15-year low in recent weeks.

Led by an up tick in oil demand outside of highly industrialized OECD countries, the EIA said global consumption this year and next should outpace production growth outside of OPEC.

"Several notable disruptions to non-OPEC production commenced or intensified over the last two months, leaving an average of around 1 million bbl/d offline in February," the agency said.

It cited an oil export dispute between Sudan and South Sudan that shut down the southern nation's output in January and should continue crimping shipments. It also cited production curbs in strife-torn Yemen and Syria.

Consuming countries are expected to rely on rising output in OPEC countries to meet the growth in world demand. OPEC crude oil production should rise by 490,000 bpd and 560,000 bpd in 2012 and 2013, respectively, EIA forecast.

The EIA said transportation bottlenecks in the U.S. Midwest should keep prices for U.S. crude oil futures at an average around $106 per barrel through 2013. WTI traded on Tuesday around $105 a barrel.

U.S. gasoline prices should average $3.92 per gallon during the April to September driving season, up nearly 6 percent from the 2010 driving season, according to EIA.

WTI futures could remain in the same price range next year, even as the price of London-traded Brent futures is expected to rise, as more Canadian and shale crude flows into the landlocked Midwestern U.S. delivery terminal of Cushing, Oklahoma, where it is priced.

Financials and Investment News in Austria >>

France >>  3/5/2021 - CGG, a world leader in Geoscience, announced its fourth quarter and full year 2020 audited results. ...
Cameroon >>  3/4/2021 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa, is pleased to announce a further extension of its Loan Facility ("Fa...

Canada >>  3/4/2021 - TC Energy Corporation announced that TransCanada Trust (the Trust), a wholly-owned financing trust subsidiary of TransCanada PipeLines Limited (TCPL),...
Germany >>  3/4/2021 - - 227,213 metric tons of certified palm oil and palm kernel oil sourced representing 100 percent of procured material
- Almost 95 percent of glo...


United States >>  3/4/2021 - -Northern Oil and Gas, Inc. announced the expiration and final tender results of its previously announced cash tender offer (the “Offer”) for any and ...
Denmark >>  3/3/2021 - DNV has supported Hapag-Lloyd in obtaining financing for six of its highly efficient containership newbuildings according to the Green Loan Principles...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Austria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 |

More News

Related Links

00 AL AT BE BG CH CY CZ DE DK ES FI FR GR HR HU IE IT MC MT NL NO PL PT RO SE SI TR UK
Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.