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Page added on March 14, 2012
IEA downgrades non-OPEC oil supply forecast for 2012
Oil supply from non-OPEC countries will grow less than expected in the first quarter this year, the International Energy Agency (IEA) said on Wednesday, leaving its global oil demand growth forecast unchanged.
The agency, which advises industrialised nations on energy policy, said non-OPEC oil production will rise by 300,000 barrels per day (bpd) In the first quarter of 2012, down from 490,000 bpd in previous forecasts as unplanned shut-ins topped 750,000 bpd.
The agency also downgraded its full year non-OPEC production growth to 730,000 bpd from 900,000 bpd.
Oil consumption will grow by 800,000 bpd in 2012, but the IEA warned that high oil prices could stunt the recovery.
“Demand growth will likely remain stunted by weaker economic prospects, the more so if prices stay high,” the IEA said.
4 Comments on "IEA downgrades non-OPEC oil supply forecast for 2012"
BillT on Wed, 14th Mar 2012 1:21 pm
Ho Hum…is there anything new in the world of oil? Nope. Only hype by the pimps looking for suckers …er… investors. Oil production growth is over. All that is growing is the manipulation of numbers to cover up the decline. Oh, and prices…
Beery on Wed, 14th Mar 2012 6:22 pm
Will “grow” less than expected, or do they mean will “shrink” more than expected? LOL.
Kenz300 on Wed, 14th Mar 2012 6:51 pm
The IEA is like the financial rating agencies. They downgrade their forecast after the fact when it has already become obvious to everyone.
SOS on Wed, 14th Mar 2012 9:28 pm
Funny we should be receiving reassurances to maintain our supply of oil when production on federal lands is down by nearly 20%. Fortunately we are able to hold our own in spite of the best efforts from the admin and left because production on state and private lands is up by about 20%.