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2014-03-20 08:10:00

GLOBAL DEMAND GROWING FASTER

GLOBAL  DEMAND  GROWING  FASTER

AOG. Opec has announced that global demand for oil & gas is growing faster than analysts had previously thought. The organisation raised its predictions for oil consumption in 2014 for a second straight month.

Opec's view on global oil consumption puts it as odds with the U.S. government's Energy Information Administration, which on Tuesday cut its forecast.

In a monthly report, Opec said global demand will rise by 1.14 million barrels per day (bpd) this year, up 50,000 bpd from its previous forecast. It also raised the 2014 projection for global demand for Opec's crude.

"While many challenges remain, the expected improvement in the global economy is also resulting in higher oil demand," said the report from Opec's Vienna headquarters.

OPEC cited further signs of strong oil demand in the world's top consumer, the United States, as well as a stabilising rate of demand contraction in Europe - where oil use has been held back for years by weak economies.

But the group also sees an increasing chance of slowdown in emerging economies - the source of much of the world's oil demand growth. Concern over China was weighing on currencies closely linked to commodities on Wednesday.

"This rising risk of a slowdown in growth in the emerging economies has been mirrored in the foreign exchange markets in recent months," Opec said. "Recent developments in Ukraine have added to this year's growth risk."

According to secondary sources cited by the report, Opec raised its own output to 30.12 million bpd in February, as a ramp-up in Iraqi exports outweighed disruption to Libyan shipments and lower Saudi Arabian output.

Tags: OPEC, OIL

Chronicle:

GLOBAL  DEMAND  GROWING  FASTER
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

GLOBAL  DEMAND  GROWING  FASTER
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

GLOBAL  DEMAND  GROWING  FASTER
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

GLOBAL  DEMAND  GROWING  FASTER
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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