OPEC in its market report
for September offered more of the same when compared with the previous
month's assessment. U.S. gasoline prices and oil in general were shaken
by Hurricane Isaac last month, though any major fluctuations there were
expected to be temporary. Meanwhile, the European economy is expected
to return to growth next year, though the U.S. economy is anticipating a
modest decline. Beijing, for its part, can expect further stagnation.
In terms of the impact on global oil consumption, OPEC saw few dark
clouds on the horizon keeping its demand forecast from the previous
month in place.
The U.S. Energy Department's Energy Information Administration, in its short-term market outlook, said oil demand should grow faster than it anticipated in its August report. The White House this week suggested tightening oil markets and high U.S. gasoline prices meant a release from the Strategic Petroleum Reserve might be needed to allay economic concerns. Hurricane Isaac, refinery problems in Venezuela and strains in the MENA region meant less crude could be available. The EIA in its report, however, said it expects crude oil prices to decline steadily over the course of the year.
Taking his cue from the IEA, Saudi Oil Minister Ali al-Naimi said this week that oil markets were well supplied and crude oil inventories were adequate. Given credence to concerns from Washington, OPEC said, however, that U.S. commercial crude oil inventories were down for their second straight month by 13.3 million barrels. Nevertheless, U.S. stocks remained well above their five-year average.
Read more: http://oilprice.com/Energy/Energy-General/OPEC-Predicts-More-of-the-Same.html
The U.S. Energy Department's Energy Information Administration, in its short-term market outlook, said oil demand should grow faster than it anticipated in its August report. The White House this week suggested tightening oil markets and high U.S. gasoline prices meant a release from the Strategic Petroleum Reserve might be needed to allay economic concerns. Hurricane Isaac, refinery problems in Venezuela and strains in the MENA region meant less crude could be available. The EIA in its report, however, said it expects crude oil prices to decline steadily over the course of the year.
Taking his cue from the IEA, Saudi Oil Minister Ali al-Naimi said this week that oil markets were well supplied and crude oil inventories were adequate. Given credence to concerns from Washington, OPEC said, however, that U.S. commercial crude oil inventories were down for their second straight month by 13.3 million barrels. Nevertheless, U.S. stocks remained well above their five-year average.
Read more: http://oilprice.com/Energy/Energy-General/OPEC-Predicts-More-of-the-Same.html
No comments:
Post a Comment