World News
IEA Raises Estimates for Global Oil Demand
Global oil demand will rise by 1.2 million barrels per day (mbpd) in both 2013 and 2014, the International Energy Agency (IEA) projects, citing stronger-than-expected demand growth in developed countries in the third quarter of this year.
Global demand is now expected to hit 92.4 mbpd in 2014.
The new prediction for 2013 is 130,000 barrels per day (bpd) higher than the agency's previous projection.
Global oil supplies rose by 310,000 bpd in November, with nations outside the Organisation of the Petroleum Exporting Countries (OPEC) increasing their output above 43 mbpd, the highest level in decades.
Crude supply from OPEC nations fell by 160,000 bpd in November, with Libya, Nigeria, Kuwait, the United Arab Emirates, and Venezuela reducing their output.
Oil product inventories in the most industrialized economies was down due to increased demand.
"People are anticipating tighter supplies as we go into next year," Michael Lynch, president of Strategic Energy & Economic Research in the U.S., told Bloomberg.
"Demand will be higher."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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