Oil Cover

Oil Market Snapshot – November 2013

  • Iran struck a temporary deal with P5+1 in Geneva
  • WTI-Brent spread continued to widen to c. $15 on 20th November
  • USD strengthened against EUR
  • Petrologica’s world oil demand growth forecast revised downward, to 877,000 b/d for 2013 and 1.1 million b/d for 2014 on weaker EIA GDP prospects
  • Bullish supply outlook for 2014
  • Potential production growth from both Iraq and Iran could add 1-2 million b/d to world oil supply next year, adding pressure on Saudi Arabia to cut production
  • Petrologica’s Brent forecast revised to $108.45/bbl (from $108.67) for 2013 and $105.14/bbl (from $105.65) for 2014

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