Oil Cover

Oil Market Snapshot – December 2013

  • Brent price forecast at $108.46/bbl for 2013, for 2014 at $105.68/bbl (revised upwards by $0.54/bbl)
  • WTI-Brent spread likely to trace Gulf Coast refinery maintenance schedules
  • 2014: World economic recovery gaining momentum, encouraging prospects in US, EU and China for robust oil demand (+1.1 million b/d)
  • Projected non-OPEC supply growth exceeding global demand growth in 2014, driven by US production (+920,000 b/d)
  • OPEC crude production decline to 2-year low in November but production cap unchanged
  • Iraqi and Iranian plans to boost production to gain traction in 2H 2014, contributing to risk of oversupply

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