Oil Cover

OIL MARKET SNAPSHOT: BREAKING POINT – JUL 2011

Petrologica's oil demand forecast model has consistently projected higher growth than reported by any of the international agencies. The agencies have now made upward adjustments to both past and future demand. The current release of 2010 world oil demand data by EIA and IEA is about 1.6 Mbd (million barrels a day) higher than previously estimated. Therefore the demand forecast this year and next year has been revised upward. 90 Mbd will be reached next year rather than 2015. By 2015 under the IMF GDP growth assumption, demand could exceed 96 Mbd according to the result from Petrologica's latest simulator updates. The market for oil and other liquids is at its first real watershed, where a sustained imbalance between demand and supply is imminent.

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