IEA’s November report - Bearish!
IEA has just published its November report. Highlights are:
Global demand growth in 2012 revised slightly down to 0.7 mbd. Global demand growth in 2013 revised slightly down to 0.8 mbd Non-OPEC liquids supply growth in 2013 revised down by 0,15 mbd to 0.87 mbd. Unchanged growth in OPEC NGLs by 0.3 mbd, Call on OPEC Crude is revised down by 0.3 mbd to 29.8 mbd. China is an increasingly uncertain factor with the broader economy showing signs of slowing down. Increased inventory levels have to be seen against increased tensions in the Middle East (Syria) and uncertainties on the supply side going forward – US shale oil growth…