08/12/2021 10:02
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Oil: High prices and economic crisis affecting the demand for crude  
The Organization of Petroleum Exporting Countries (OPEC) has revised last Tuesday its forecast of increased demand for crude in the world to 1.20% in 2008 against a previous estimate of 1.28% due to continuing high prices of black gold and the global economic crisis.

For 2009 the cartel expects increased demand for crude oil of 1.03%, or 900,000 barrels per day to 87.71 MBD, against an increase dice 'the one million previously planned. "The growth in demand for crude in the world has witnessed a sharp rise during the last 20 years (...) However, the new price structure and the global economic slowdown have contributed to weigh on demand growth crude in many regions, "said OPEC in its July report published Tuesday in Vienna.

The high level of retail prices and the economic crisis has particularly affected the demand for crude in industrialized countries this year, according to the report relying on the continuation of this situation. In terms of sectors, the transport sector will experience even greater demand in 2009, according to OPEC, "but the forecasts are subject to uncertainties," notes the report.

However, the increased demand could be lower if fuel prices remain high in 2009 although this could be offset by a rapid economic recovery in the USA or a particularly harsh winter, "according to the experts from OPEC.

"The growth of oil demand in countries (developing) non-OECD 1.2 MBD account for all of the increase in world demand next year," notes the report.

As for prices, the report noted during the first week of July, following the escalation of geopolitical tensions in the Middle East, an 8% increase in the price of the basket of crude produced by 13

OPEC countries to a new record of 137.57 dollars a barrel. On the market, the price of a barrel Tuesday was approaching its recent historical records, boosted by the weak of the dollar and fears persist on supplies. In London, it was to 10H00

Source: AMI/PMD  


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