Opec predicts slow recovery for oil demand #oil #supply #demand


	Opec predicts slow recovery for oil demand #oil #supply #demand

JICWyllie

7-8-2009 11:22 AM

64 views

tags:

1-demand, 1-production, 2-decrease, 3-forecast. 4-intl

JICWyllie says:

Given the credit crunch, there will be much less cash to invest when new supplies are needed.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/85ab1458-c112-49af-8f9c-3f4ba041e3bc/62BD7F58-3984-435E-AFEC-AD8E4427C2C0/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.ft.com/cms/s/0/452c93d0-6bc5-11de-9320-00144feabdc0.html" href="http://www.ft.com/cms/s/0/452c93d0-6bc5-11de-9320-00144feabdc0.html" style="font-size: 11px;">www.ft.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/452c93d0-6bc5-11de-9320-00144feabdc0.html"><P>Global demand for Opec crude oil will take five years to recover to pre-financial crisis levels and investment spending on new production capacity will be sharply lower as a result, the cartel said on Wednesday.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/452c93d0-6bc5-11de-9320-00144feabdc0.html"><P>Opec said that average consumption of its oil reached a peak of 31m barrels a day in 2008, before the crisis, and that it could be as late as 2013 before this is reached again.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/452c93d0-6bc5-11de-9320-00144feabdc0.html"><P>“It is understandable that any country or investor would be unwilling to invest in capacity that is not needed, especially when they are affected by the global financial and economic crisis,” said Opec in its World Oil Outlook. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/452c93d0-6bc5-11de-9320-00144feabdc0.html"><P>Opec said that it would now invest $110bn to $120bn in new capacity up to 2013, compared with $165bn previously planned. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/452c93d0-6bc5-11de-9320-00144feabdc0.html"><P>The cartel’s members have delayed or postponed more than 35 projects, representing about 5m barrels a day of oil capacity, until after 2013.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/452c93d0-6bc5-11de-9320-00144feabdc0.html">investment plans will intensify concerns that the world will face a supply crunch once the global economy recovers</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/62BD7F58-3984-435E-AFEC-AD8E4427C2C0/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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