Oil Cover

Oil Market Snapshot – July 2013

  • OPEC’s output down by 370,000 b/d in June 2013
  • BRICs' net oil demand up by 80,000 b/d in Q2 vs Q1 2013
  • Our 2013E and 2014E forecasts thus revised upwards by almost $1/bbl to $106.55/bbl and $104/bbl, respectively (June’s forecasts: $105.57/bbl and $103.15/bbl)
  • However, market fundamentals likely to put downward pressure on prices in the short-term future – market in the process of correction

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