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Conflicting Oil Demand Data Confuses Energy Markets

Tuesday, 19 Jul 2011 12:16 PM

Global oil demand is going to rise, says the International Energy Agency.

Not it's not, it's going to fall, says the U.S. Energy Information Administration.

Such conflicting data is casting shadows of doubt on already roiled global energy markets, reports Platts, a provider of energy and metals information.

The U.S. Energy Information Administration cut its 2011 global oil demand forecast by 270,000 barrels per day and its 2012 forecast by 280,000 barrels per day.

"Countries outside the OECD will make up almost all of the growth in consumption over the next two years, with the largest increases coming from China, Brazil, and the Middle East," the agency says, referring to Organization for Economic Co-operation and Development, which groups the world's wealthier nations.

The International Energy Agency, however, was a little rosier, upping its 2011 forecasts by 200,000 barrels a day.

They both agree that emerging markets will account for most of the growth in crude demand.

"Non-OECD Asia, Latin America and the Middle East will account for virtually all of global growth in 2012, with China generating 30 percent, though the overall non-OECD growth rate is slightly slower versus 2011," the agency says in its report.

Conflicting data is just the latest in a series of headwinds for the global energy sector.

Debt concerns in Europe and in the United States have many fearing that instability will hold back economic growth.

"The global economy simply faces too many serious headwinds for us to believe that growth rates will accelerate in second half of 2011 and the start of 2012," says energy analyst Richard Soultanian of NUS Consulting, according to the Associated Press. "It will be sluggish at best and, at worst, we could see the start of a double-dip recession."

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Global oil demand is going to rise, says the International Energy Agency.Not it's not, it's going to fall, says the U.S. Energy Information Administration.Such conflicting data is casting shadows of doubt on already roiled global energy markets, reports Platts, a provider...
oil,oil prices,gas prices
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2011-16-19
Tuesday, 19 Jul 2011 12:16 PM
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