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Global oil demand to slow despite price rout
http://www.dawn.com/news/1150479/global-oil-demand-to-slow-despite-price-rout[font face=Serif][font size=5]Global oil demand to slow despite price rout[/font]
[font size=4]PARIS: Global appetite for oil will grow at a slower pace in 2015 than earlier thought despite plunging crude prices, the IEA said on Friday, warning that further price drops heighten the risk of social instability in producer countries like Russia and Venezuela.[/font]
[font size=3]Oil demand for 2015 was now expected to grow by 0.9 million barrels a day to reach 93.3m barrels, some 230,000 barrels less than the previous forecast, the International Energy Agency said in its fourth downward revision in five months.
Crude prices have collapsed by almost 50 per cent since June, and are now trading around $60 — levels last seen five years ago, as increased US shale production adds to oversupply.
But the cheap oil was not expected to prompt more consumption.
…
Market share lost to renewable energy sources was unlikely to be replaced again by cheaper crude, the IEA said.
…[/font][/font]
[font size=4]PARIS: Global appetite for oil will grow at a slower pace in 2015 than earlier thought despite plunging crude prices, the IEA said on Friday, warning that further price drops heighten the risk of social instability in producer countries like Russia and Venezuela.[/font]
[font size=3]Oil demand for 2015 was now expected to grow by 0.9 million barrels a day to reach 93.3m barrels, some 230,000 barrels less than the previous forecast, the International Energy Agency said in its fourth downward revision in five months.
Crude prices have collapsed by almost 50 per cent since June, and are now trading around $60 — levels last seen five years ago, as increased US shale production adds to oversupply.
But the cheap oil was not expected to prompt more consumption.
…
Market share lost to renewable energy sources was unlikely to be replaced again by cheaper crude, the IEA said.
…[/font][/font]
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