Sie sind hier:  Startseite  >  News  >  Aktueller Artikel


Von   /   13. Dezember 2018

Our estimate of 2018 oil demand growth is largely unchanged at 1.3 mb/d Non -OECD data for September and October confirm an expected slowdown due to relatively high prices, although OECD demand has been slightly revised upwards , for 4Q18.

Our projection for oil demand growth in 2019 remains also unchanged, at 1.4 mb/d , as the impact of lower prices is offset by lower economic growth assumptions, weakening currencies and downward revisions to certain countries e.g. Venezuela.

Global oil supply fell 360 kb/d month -on -month (m -o-m) in November to 101. 1 mb/d due lower output in the North Sea, Canada  and Russia. Cuts from January reduce non -OPEC production growth for 2019 by 415 kb/d, to 1.5 mb/d, compared with 2.4 mb/d in 2018.

OPEC crude oil out put rose 10 0 kb/d m -o-m to 33.03 mb/d in November as Saudi Arabia and the UAE reached record highs, more  than offsetting a sharp loss from Iran. The group agreed to cut output by 0.8 mb/d from January.

Global refining throughput growth came to a halt in 4Q18 , with annual losses in Latin America and Europe only just offset by gains in the US, Middle East and China. Lower crude prices helped margins, although the gasoline -focused US Gulf Coast lagged behind.

OECD commercial stocks rose in October for the fourth consecutive month, by 5.7 mb, to 2 872 mb . They were above the five -year average for the first time since March. NGL and feedstock inventories hit a historic high whereas fuel oil stocks fell to a record low.

Having fallen by 30% since early October , oil prices stabilised with ICE Brent close to $60/bbl and NYMEX WTI at $52/bbl. Weak demand weighed on gasoline and naphtha markets. Freight rates to transport crude and products have soared to multi-year highs.

    Drucken       Email

Über den Autor


Das könnte Sie auch interessieren...

UK Parliament rejects the EU deal to leave, but is this still the vote of the people in the United Kingdom?

weiterlesen →
Zur Werkzeugleiste springen