OPEC Oil Market Report July 2013
World oil demand in 2014 is projected to grow at a higher rate than in 2013, rising by 1.0 mb/d or 1.2% to average around 90.7 mb/d. This represents roughly a 0.3 mb/d rise over the rate of growth foreseen for 2013. It is also the highest growth rate since 2010 and in line withthe historical average of the last 10 years.
2014 versus 2013 (in mb/d)
+ 0.34 China
+ 0.31 Middle East
+ 0.26 Other Asia
+ 0.24 Latin America
+ 0.10 Other Countries (Africa, FSU, non-OECD Europe)
- 0.21 OECD Countries
+ 1.04 Total
These are nice to look at but dont mention the surplus in reserve. OPEC currently has about 3 million barrels per day excess supply. Now take into account that the US is going to start exporting LNG/CNG which will replace crude in parts of Europe and the demand contracts. Lisa you seem to like to look at only one side of the equation.
The only demand that counts is the US. The single largest data point for global crude demand is US driving, the amount of crude we consume just for driving is staggering. If we drive less, it impacts global demand enough to topple crude prices. It is really as simple as that.
Wow, way to rely on way out of date data.
Asia is the biggest oil consuming region in the world these days, more than all North America (not just US).
And developing nations as a group use more than OECD (developed) nations.
The US with its declining demand is no longer the major influence on oil prices.
Why would you believe in OPEC's own report?? Of course, they want to give an appearance of higher oil demand to prop up the price of crude oil? That's basic marketing! It is like the gold miners and world gold council that perpetually project ever hihger demand for gold! The truth is that new tech. in oil mining is ramping up crude oil production the the fastest pace ever. And OPEC is really worried! That's the truth.
Nice data ... thanks for the post. There was a nice article about American driving habits (down 8.9% per licensed driver since 2004) over the weekend as well. I'm currently long oil and don't think the $100 mark is quite the economic water shed it once was.