Sun, 26 Jun 2022 Today's Paper

Cheap oil set to lose effect on growth in demand: IEA

13 November 2015 06:30 pm - 0     - {{hitsCtrl.values.hits}}

A A A

AFP - Growth in global demand for crude is set to slow next year as the allure of cheap oil fades, the International Energy Agency (IEA) said yesterday.
The IEA now expects oil demand to grow by 1.2 million barrels per day (mbd) in 2016, after a five-year high of 1.8 mbd this year as cold weather and rekindled economic growth in some countries also boosted consumption.

“Momentum eases towards its long-term trend as recent props -- sharply lower oil prices, colder-than-year-earlier winter weather and post-recessionary bounces in some countries -- are likely to give way,” the IEA said.

Developed countries have continued stockpiling oil and commercial inventories in OECD nations now stand at a record 3 billion barrels, the IEA said.
Growth in worldwide oil stocks slowed in the third quarter, but is still “significantly” above the historical average, it said.

“Stockpiles of oil at a record 3 billion barrels are providing world markets with a degree of comfort,” the agency said, calling these stock levels “a massive cushion” and “an unprecedented buffer against geopolitical shocks or unexpected supply disruptions”.

The IEA does not forecast oil price levels, but hinted at continuing pressure on the price, which has been languishing at well below $50 dollars per barrel.

“Oil market bears may choose not to hibernate,” the IEA said, especially if forecasts for a mild winter in Europe and the United States turn out to be true.
“Bears” in financial market parlance are investors willing to bet on falling prices.
Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


Mirihana land reclamation project leaves farmers fuming

At present reclamation activities are underway at an 80-acre paddy land close

Is there a solution? Sustainable Fuel Bill for road transport

There is a great mismatch in spending between Sri Lanka’s total imports and

Aloka Pooja at Thanthirimale courtesy Wijeya Newspapers

The historical Thantirimale Raja Maha Viharaya, which associates itself with

Lessons from the fiasco over the detention of ‘Aeroflot’

As if Sri Lanka did not have enough problems, the government last week let an