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2013 oil demand to rise but prices fall - energy agency

Thursday, July 12, 2012 - 04:31

July 12 - The International Energy Agency is forecasting a modest pick up in oil demand next year to 1 million barrels per day, but expects crude prices to be ''mildly lower''

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The International Energy Agency is predicting a modest rise in oil demand of one million bottles a day next year. Reflecting a mutate economic the company. Let's get more detail -- from David fife he's head of the oil industry and market division IE eight and products. David you -- cut your forecast an acceleration. And demand next year. -- that's optimistic given the fragile state of the world economy is until. Well we are we are full crossing her the government federation -- GDP growth for 2013. I'm -- demand growth strategies say that's and we how social skill luck -- Underlying GDP assumptions compared. To the dessert territory are American response to our world economic terms -- So we're trying to capture some of the -- certain risk -- there. We -- economic conditions beginning to recruit. From the trailer and -- 2012 onward. And we're we're looking at a level of about a million barrels -- -- of demand growth all of it really coming from the -- -- and twenty Turkey. That's interesting you mention that because you senior reporter that's and non we see deed to model a strip OECD demand the first -- of -- -- you think this is an and a -- trend. I -- I think you beat it it's clearly the case. We've already seen it in the refining sector where can put them and not receive new refining sector. I strip there's a million people are considerable margin world mom -- commission exhibit the same. Let her think from 2013 onwards we -- rising incomes rising population. I'm subsidized end user prices which are simulating -- moms. Within the emerging economies and not. That job -- between your recipient and -- ECB will continue to widen beyond twenty Turkey. Now hold OPEC sank yesterday that -- thought it's true it's. And next table B 29 point six million bottles a day does that tally with what you've seen. We've we've got slightly higher underlying -- prepared for 2013 which is about thirteen point five. Million barrels per day -- are obviously producers are are are producing a thought about underlying pull -- the present time. But I think they've stepped in to try and calm market fears. About disruption to nonopec supply -- for the potential law. -- improved over the course of this summer. Serve but all around underlying basis we've been slightly higher coal and support themselves are projecting in -- report. Cannot now what is your outlook for supply next year. Well we've take a long hard look at nonopec supplies are we -- two years 2011 and 2012. In which nonopec suppliers are being challenged -- argue political event. I'm buying the chemical oxygen that mature infrastructure. We've tried to take -- council draft. We've increased the sort of contingency factor. For nonopec supply but we still see. Group next -- of -- point seven million barrels per day from nonopec. The bulk of our group is coming from the America in the US. Like -- oil shale oil. That the full from the front group. Absolutely you know there's more room -- in terms of growth from nonopec complete search team than we've seen in 2012. OK just to finish up given all that. Past -- your favorite question. Would DC places that next -- higher although. Well Paris you know you need you'll never -- never -- question but I think prices are gonna remain. You know within a range that is determined -- that these supplies tigris. Which provide a floor. And work still clearly economic risks focused on the reserve in China which will provide something of repealing. Over the next is he breaking month. David thank you very much sat out with David fight definite -- you negate. That's also must another but there's more from inside Reuters dot com -- did join us each weekday morning from Reuters today. A snapshot of the latest world news a market headlines. I'm Jamie give up this of voters.

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2013 oil demand to rise but prices fall - energy agency

Thursday, July 12, 2012 - 04:31