Posted on 11/16/2005 6:03:50 PM PST by Flavius
OPEC said Wednesday that a six-month run of downward revisions to its world oil demand expectations had come to an end, with evidence of a resurgence in Chinese demand and with key economies in rude health.
In its monthly oil market report, the Organization of Petroleum Exporting Countries nudged higher its prediction for global demand this year and next, to 83.3 million barrels a day and 84.8 million barrels a day, respectively.
Despite marginal revisions to its global growth forecasts, OPEC said "we were right to refute" talk of "demand destruction" fueled by U.S. hurricanes and surging crude and product prices.
There is, it added, "vigorous preliminary growth data from developing countries, a brighter outlook for the world economy particularly for the U.S.A and OECD Pacific countries, and a rebound in Chinese apparent demand."
On the last point, "there are indications that Chinese demand has started to pick up."
It cited Chinese government orders to rebuild oil stockpiles from as low as three days' cover to at least 10-15 days. The end of a products export rebate and a likely surge in imports ahead of the Chinese New Year likely herald a return to strong Chinese growth, it added.
OPEC revised up the estimated need for its oils in the final and peak-demand quarter of the year to 30.32 million barrels a day, up 280,000 b/d against last month's estimate.
It added its estimate for production by its 11 members in October fell by more than 200,000 b/d against September, to 30.05 million b/d, due to weaker exports by Iraq on stormy weather.
Guess I will top off the tank in the morning before the price rise.
$2.11 here in Indiana tonight.
2.51 ny sate all tax
why am i here
$2.01 in central Illinois.
$2.25 in Metrowest Boston.
I heard just the opposite is happening.
The factories in China are getting their power now. No more need for Diesel generators. Coal shipments are arriving.
Peak oil demand will fall.
Also, Chinese gov. is not subsidizing the oil at the same rate so price there is increasing.
It's easy when you got friends in high places
Be gutsy grab up some nice petrol calls :)
Texas, $1.82
Texas, $1.82
Sounds like gas companies in your area are making about 8-10 cents per gallon. That's reasonable, considering the government is probably making over 40 cents per gallon.
I am more worried about Natural Gas price.
That is why I am moving to warmer climate. Plus MA is such a silly state to live.
Me, I'll just chill and continue my "strategic gas buys" in lower-price areas of Maryland when I'm in those areas.
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