Uneven Impact On Oil Stocks From OECD Trimming Oil Demand Forecasts
The International Energy Agency has scaled back its forecast for growth in the demand for oil to 0.7 mb/d for this year and 1.4 mb/d for 2012 on the back of increasing uncertainty in the global macroeconomic environment. Lower growth in demand can be expected to alleviate the tightness in the supply situation that resulted in Brent touching $120 a barrel in May. The OECD released strategic oil reserves in response to the situation in Libya to help bring down prices temporarily, but with the exception of a fall in WTI crude prices in the U.S., oil prices have remained steady despite the gathering clouds over the economy.
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