Global oil product demand expected to grow - oil report |
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PARIS, July 24 (KUNA) -- Global oil product demand is expected to grow by 1.1 percent or 860 kb/d to 87.7 mb/d in 2009, on a par with 890 kb/d growth in 2008, according to an oil report.
The July oil market report, released by the International Energy Agency (IEA) here Thursday said that High oil prices contribute to a "contraction" in the Organization for Economic Cooperation and Development (OECD) oil product demand, "offset by robust growth in developing economies".
It added that "strong" non-OECD consumption also offsets downward revisions elsewhere, lifting 2008 demand by 80 kb/d.
Furthermore, the report noted that crude oil futures fell back from their early-July USD 145/bbl peak, but remain high, due to a meager second quarter (2Q08) stock build, "tight distillate markets and ongoing geopolitical risks".
"Refiners are paying record premiums for distillate-rich crudes in an effort to bolster yields; however, weak gasoline and fuel oil cracks are keeping refining margins low," it indicated.
As for Non-OPEC supply, it is seen rising from 640 kb/d to 50.6 mb/d in 2009, following a late-year increase in 2008, with Asia, the Caspian, Brazil, Canada and the US adding to supplies.
The report affirmed that NGLs from Saudi Arabia, Qatar, the UAE, Nigeria and Iran strengthen the 810 kb/d expansion in OPEC gas liquids in 2009.
The monthly report showed that OPEC crude supply increased by 350 kb/d in June to 32.4 mb/d, as Saudi Arabian supply rose to 9.45 mb/d and exports from floating storage lifted Iranian supply to 3.8 mb/d.
Although higher supply lowers effective OPEC spare capacity to 1.7 mb/d, increases from Saudi Arabia, Angola, Iraq and Nigeria lift overall capacity by around 1.0 mb/d by end-2008, it affirmed.
"3Q08 global refinery throughput is revised down by 0.4 mb/d to 75.3 mb/d on weak OECD demand and poor margins. The addition of 2 mb/d of crude distillation capacity and significant investment in upgrading units elsewhere should keep gasoline markets well supplied and slightly ease middle distillate tightness during early 2009," according to the report.
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