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Wed Mar 13, 2013, 08:27 AM

Weak economy to depress oil demand throughout 2013: IEA [View all]

LONDON (Reuters) - Global oil demand is set to be depressed by weak economic growth throughout 2013 while soaring U.S. oil production gives consumers a perfect cushion to withstand most supply outages, the International Energy Agency (IEA) said on Wednesday.

"The oil producing world today is in the midst of a once in a generation transition of far reaching consequences," the IEA, which coordinates energy policies of major consuming nations, said.

"Rarely has the market's ability to withstand crisis been so tested as in the two years since the start of the so called Arab Spring. Yet the market seems to have taken it all - civil uprisings, terrorist attacks, natural disasters, production outages, trade embargoes - in its stride," it added.

The IEA expects non OPEC supply to grow by 1.1 million barrels per day (bpd) in 2013 to 54.5 million bpd led by North American booming shale oil output.


So will pump prices come down?

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Reply Weak economy to depress oil demand throughout 2013: IEA [View all]
Sherman A1 Mar 2013 OP
libtodeath Mar 2013 #1
Arctic Dave Mar 2013 #2