Posted on 09/12/2014 1:47:17 PM PDT by Lorianne
Demand growth in the oil markets will be more subdued than previously expected, according to the International Energy Agency, which has once again downgraded its projections for the rest of the year.
"The recent slowdown in demand growth is nothing short of remarkable," the IEA said in a new monthly report on Thursday morning. "While demand growth is still expected to gain momentum, the expected pace of recovery is now looking somewhat more subdued."
Additionally, global oil demand growth for has been lowered to 900,000 million b/d in 2014 and 1.2 million b/d for 2015. The pronounced slowdown in demand growth and a weaker outlook for Europe and China underpinned these changes, it said. In August, the IEA lowered its forecast for 2014, to 1.0 million b/d.
(Excerpt) Read more at cnbc.com ...
The economy is in the tank, what’s “remarkable” about it?
ping
When tens of millions of people are no longer going to work, it’s pretty simple to understand.
The slowdown in growth is another indicator of the roaring Obama economy. /sarc
Yet - still - gas is still about $3.50/gallon around here.
You would less demand = lower prices.
Demand destruction for retail gasoline in the US over the last 10 years has been a lot more than remarkable, it’s been beyond belief. On the order of a 40% drop.
None of the dimwits in the political or economic fields has connected that to a deteriorating economy or massive unemployment (neither of which is happening according to the BLS)
Government regs and interference in the market have disconnected demand from the cost factor. It’s been deliberate. They do not want lower cost gas.
“The economy is in the tank, what’s “remarkable” about it?”
All this points to the economic devastation that Obama has brought not just to America, but Europe and China where demand for oil is down while only slightly increasing the the US.
No jobs, no production, no manufacturing, no incentive....
At $50 a barrel, Russia’s economy goes into depression.
Worldwide oil demand in 2014 is up 900,000 barrels per day. Crude oil production in the US is up 1 million barrels per day and natural gas liquids production is up 400,000 barrels per day. Canadian oil production is up another 400,000 barrels per day, so the total increase in the US and Canada is 1.8 million barrels per day.
That allows for sanctions on Iran, declines in the North Sea and declines under the Chavez/Maduro dictatorship.
“At $50 a barrel, Russia’s economy goes into depression.”
At $50 a barrel, domestic drilling in the US would crash.
With this news prices should be going down significantly?
not so...and demand growth futures is just a calculated stat...aka a big guess.
Kinda like global warming.
The cheerleaders on CNBC are running out of bullsh**
The US has an advanced industrial economy. We can live without domestic drilling. Russia, on the other hand, needs it for current income.
Another Obama First !!!
Gas usage is decreasing because the record number of unemployed people don’t need gasoline to travel back and forth to work.
And even if they did want to buy gasoline they couldn’t afford it because they are dead broke thanks to the O’Conomy.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.