The Future Is Not What It Used To Be

In the nine months since its 2012 world oil demand outlook of 91 mBD made last July, the International Energy Agency (IEA) has progressively trimmed their estimate of this year’s consumption. Their April 2012 assessment of 89.9 mBD for 2012’s daily oil consumption is 1.1 mBD lower than their estimate of last July. This 1.2 percent decrease in their 2012 demand outlook occurred even though Brent’s price has not advanced much over the intervening nine months. The following chart highlights the evolution of these 2012 demand revisions.
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This article appeared in the May 2012 issue of Tankers in world Markets. Click here to view more information about this publication, or to subscribe.

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