Oil demand growth next year will be slightly less than previously forecast at 1.3 million barrels per day (bpd) and the evidence of a “bottoming out” of the global recession is patchy, the International Energy Agency said on yesterday.
In a monthly report, the agency revised upwards global outright demand next year by 70,000 bpd to 85.3 million bpd on the basis of higher fuel use in Asia.
Demand growth, however, was reduced by around 100,000 bpd from the 1.4 million bpd estimated a month ago following a larger upward adjustment for this year’s demand, now assessed at 83.9 million bpd.
With any growth concentrated in Asia, forecast demand in developed countries next year was broadly unchanged.
In particular, it cited a contraction in industrial production as a major limitation on demand for refined products.
“Evidence of a bottoming out of the recession is still a bit patchy. The latest data on industrial production for some of the larger countries remains negative,” said David Martin, analyst at the IEA.
“There is not clear evidence yet we have seen the worst,” he said.
The report said global gasoil demand — a key indicator of economic health — was subdued.
Only China and India were registering growth in industrial production and elsewhere production was still contracting, although the pace of contraction had slowed.
Combined with the impact of an insipid US summer driving season, the drawdown in stocks typical of this time of year has not happened.
The IEA said stocks in developed countries still equated to 61.7 days of forward cover at the end of June, unchanged from the previous month, which was downwardly revised from an earlier report.
Global oil supply in July rose by 570,000 bpd in July to 85.1 million bpd, of which around two thirds came from non-OPEC countries.
Compared with July last year, global oil supply has contracted by 2.6 million bpd, almost entirely because of OPEC crude production cuts.
Output from the Organization of the Petroleum Exporting Countries contracted last month by about 100,000 bpd to 28.64 million bpd, it said, citing record low output from Nigeria.
Production by the 11 OPEC members with output targets, which excludes Iraq, was down by 120,000 bpd at 26.12 million bpd — 1.28 million bpd above the group’s agreed production ceiling.
Total non-OPEC supply for this year was revised upwards by 160,000 bpd, chiefly because of stronger-than-expected Russian output.
Taiwan last night blanked world No. 1 Japan 4-0 to win the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time. Taiwanese ace Lin Yu-min (林昱珉) held defending champions Japan to just one hit and no runs in the first four innings, before catcher Lin Chia-cheng (林家正) opened the fifth inning with a solo home run. That was soon followed by a three-run homer from Taiwanese captain Chen Chieh-hsien (陳傑憲) to put Taiwan ahead in the prestigious tournament of the world’s top 12 baseball teams. In addition to a superb performance from 21-year-old Arizona Diamondbacks prospect Lin, three more Taiwanese pitchers
SUPPORT: Arms sales to NATO Plus countries such as Japan, South Korea and Israel only have to be approved by the US Congress if they exceed US$25m The US should amend a law to add Taiwan to the list of “NATO Plus” allies and streamline future arms sales, a US commission said on Tuesday in its annual report to the US Congress. The recommendation was made in the annual report by the US-China Economic and Security Review Commission (USCC), which contained chapters on US-China economic and trade ties, security relations, and Taiwan and Hong Kong. In the chapter on Taiwan, the commission urged the US Congress to “amend the Arms Export Control Act of 1976 to include Taiwan on the list of ‘NATO Plus’ recipients,” referring to
Taiwan yesterday advanced to the gold medal match of the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time in history, despite last night losing 9-6 to Japan. Taiwan advanced after the US defeated Venezuela in the first game on the last day of the Super Round. However, the US had no chance of advancing to the championship game unless it defeated Venezuela by at least nine points. The US won 6-5. As a result, the two teams — who both had one win and two losses in the Super Round — are to face off again in the
Minister of Labor Ho Pei-shan (何佩珊) said she would tender her resignation following criticism of her handling of alleged bullying by Ministry of Labor Workforce Development Agency branch director Hsieh Yi-jung (謝宜容) resulting in the death of an employee. The ministry yesterday gave Hsieh two demerits and said she is subject to review by the Disciplinary Court. The severest possible punishment would be her removal from office and being barred from government jobs indefinitely. Workforce Development Agency Director-General Tsai Meng-liang (蔡孟良) also received a major demerit and was transferred to another position. Premier Cho Jung-tai (卓榮泰) issued a formal apology
RSS