Market looks calm on the surface, amid persistent concerns about the economy
12 December 2012
The IEA Oil Market Report for December, released today, found that OECD oil inventories declined in October, ending seven consecutive months of growth.
The report also lifts the global oil demand forecast slightly for the fourth quarter of 2012 and through 2013 amid signs of a rebound in China. But the outlook for demand growth in 2013 remains sluggish, at 900 000 barrels a day (900 kb/d), as economic expansion remains tepid.
Non-OPEC growth in November led a 730 kb/d surge in global oil supplies, to 91.6 million barrels a day (mb/d), on continued robust gains in US supplies and a strong recovery following seasonal maintenance in the North Sea and Brazil. Compared with a year ago, global supplies were 1.9 mb/d higher, with increased OPEC supplies accounting for 70% of the year-on-year growth.
The Oil Market Report (OMR) is a monthly International Energy Agency publication which provides a view of the state of the international oil market and projections for oil supply and demand 12-18 months ahead. To subscribe, click here.
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