Industrialized Cyclist Notepad


Structural Decline

Interesting times.

“Demand in the OECD is in structural decline and we’re not expecting that to change,” he said, adding that the IEA’s forecasts do take into account recent weaker economic activity in the Asia-Pacific region.

According to the report, which contains the IEA’s first forecasts for 2013, global oil demand will be 1.1% higher than 2012, averaging 90.9 million barrels a day.

The forecasts are more bullish than reports earlier this week from the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries, both of whom projected slower global oil demand growth in 2013 of 730,000 barrels a day and 800,000 barrels a day respectively.

via RIGZONE – IEA: 2013 Oil Demand Growth Higher On Muted Recovery.

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