Demand for crude oil is set to rise in 2012
Wednesday, February 22, 2012 at 04:03AM It has been estimated that demand for crude oil in 2012 will rise to a record new height. The International Energy Agency has predicted that the global demand for crude oil will rise by 1.4% during the year with the demand from China making up for more than a 10th of the overall oil demand.
The cause for this rise in demand has been said to be due to the demand in emerging economies increasing and the avoidance of recession in the US. However, if the European debt crisis continues to deteriorate, current oil projections could be rendered void and if the conflict between the US and Iran escalates, oil prices will continue to rise. However, according to a poll of 30 analysts and traders, conducted by Reuters, it is believed that Brent crude oil will remain below $120 a barrel throughout the year after consumer nations released emergency reserves for the third time ever.
2011 statistics showed that the demand for oil exceeded supply by around $110 a barrel. It has been revealed that the disruption of Libyan oil supply and maintenance in the North Sea, reduced oil supply and helped raise oil prices.
On 23-24 January, 2012 the International Energy Agency (IEA), International Energy Forum (IEF) and Organisation of Petroleum Exporting Countries (OPEC) jointly hosted the second Symposium on Energy Outlooks at IEF Headquarters in Riyadh, Saudi Arabia. The organisations discussed the growing role of non-crude liquids in meeting demand growth and the methodologies for assessing oil supplies. A full report will be produced on the Symposium, which will be delivered for consideration by Energy Ministers at the 13th IEF Ministerial on 12-14 March 2012.
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