IEA: Global oil demand for fourth-quarter 2013 revised upward

Global oil consumption during fourth-quarter 2013 was adjusted to 92.1 million b/d, according to the International Energy Agency’s most recent Oil Market Report. The total, which marks a 135,000-b/d upward revision from last month’s OMR report, was adjusted because of exceptionally strong US demand since October, partly offset by reduced Chinese fourth-quarter 2013 demand.

Global demand for 2014 is expected to rise by 1.3 million b/d to 92.5 million b/d from the 1.2 million b/d rise now envisaged for 2013, to 91.2 million b/d, “an acceleration supported by the likelihood of stronger macroeconomic momentum as the year progresses, IEA said.

Led by Saudi Arabia and the UAE, crude oil supply from the Organization of the Petroleum Exporting Countries rebounded by 310,000 b/d to 29.82 million b/d in December, reversing 4 months of declines. Iraq was the only member to post a decline. Non-OPEC supplies for the month fell by 335,000 b/d to 55.99 million b/d, mainly because of a seasonal decline in biofuels output.

As a whole, global supplies in 2013 increased by 605 million b/d to average 91.57 million b/d, with non-OPEC growth of 1.36 million b/d more than offsetting a decline of 860,000 b/d in OPEC crude.

IEA warned in the January report that US oil production could hit a wall as the ban on US exports of crude oil could have an adverse impact on continued investment and growth in US oil production.

“With 2013 US crude oil production exceeding even the boldest of expectations by a wide margin, that ‘wall’ now seems to be looming larger than ever, and the issue has become a matter of public debate,” IEA said.

Global refinery crude run estimates for last year’s fourth quarter are 76.3 million b/d, largely unchanged from last month’s OMR. Global refinery crude runs are forecast to reach 76.8 million b/d for this year’s first quarter, lifted up by 110,000 b/d since last month’s report, on a stronger US outlook. US refinery crude runs are expected to maintain annual growth of 500,000 b/d in early 2014, as a result of surging regional liquids supply.

Led by crude oil and the “other products” category, total OECD commercial oil inventories plunged by 53.6 million b/d in 2013 November—the steepest monthly decline since December 2011. The end-month OECD inventories were 99.5 million b/d below their 5-year average, the widest deficit since May 2003. Europe and Asia Oceania led the decline. Preliminary data indicate a further 42.5 million b/d draw in OECD inventories for December 2013, in line with seasonal trends.

Contact Conglin Xu at conglinx@ogjonline.com.

Related Articles

EIA: US gasoline prices to average $1/gal less in 2015 vs. 2014

02/10/2015 US regular gasoline retail prices are expected to average $2.33/gal in 2015, down from $3.36/gal in 2014, according to the Energy Information Admin...

MARKET WATCH: NYMEX oil prices rise on revised OPEC forecast

02/10/2015 Crude oil prices climbed more than $1/bbl on Feb. 9 to settle above $52/bbl, marking a third consecutive trading session that ended with higher pri...

MEO, Eni to exchange sections of Timor Sea permit

02/10/2015 MEO Australia Ltd., Melbourne, and Eni SPA—MEO’s joint-venture partner in the NT/P68 permit in the Timor Sea—have decided to split the permit betwe...

MRPL increases ownership in aromatics complex

02/10/2015 Mangalore Refinery & Petrochemicals Ltd. (MRPL), a subsidiary of Oil & Natural Gas Corp. Ltd. (ONGC), has increased its ownership interest ...

CNOOC signs two South China Sea PSCs with SK Innovation

02/10/2015 China National Offshore Oil Corp. Ltd. signed two production-sharing contracts with SK Innovation Co. Ltd., Seoul, for two blocks in the Pearl Rive...

Renewed uncertainty emerges over Greater Sunrise development

02/10/2015 There has been renewed uncertainty over the development of the Woodside Petroleum Ltd.-operated Greater Sunrise gas field in the Timor Sea followin...

Senators’ bill aims to curb flaring by expediting permit process

02/09/2015 North Dakota and Wyoming’s US senators introduced legislation that aims to capture methane and reduce flaring by expediting procedures for obtainin...

USW union workers add two BP refineries to strike list

02/09/2015 Union workers at two BP PLC-owned refineries in Indiana and Ohio have joined the United Steelworkers union’s (USW) unfair labor practice (ULP) stri...

Bendine elected as Petrobras’ chief executive officer

02/09/2015

The board of Petroleo Brasileiro SA (Petrobras) has approved the election of Alde Mir Bendine as the company’s chief executive officer.

White Papers

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...

Accurate Thermo-Fluid Simulation in Real Time Environments

The crux of any task undertaken in System Level Thermo-Fluid Analysis is striking a balance between ti...

6 ways for Energy, Chemical and Oil and Gas Companies to Avert the Impending Workforce Crisis

As many as half of the skilled workers in energy, chemical and oil & gas industries are quickly he...
Sponsored by
Available Webcasts

On Demand

Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


US Midstream at a Crossroads

Fri, Mar 6, 2015

Oil & Gas Journal’s Mar. 6, 2015, webcast will focus on US midstream companies at an inflection point in their development in response to more than 6 years shale oil and gas production growth. Major infrastructure—gas plants, gathering systems, and takeaway pipelines—have been built. Major fractionation hubs have expanded. Given the radically changed pricing environment since mid-2014, where do processors go from here? What is the fate of large projects caught in mid-development? How to producers and processors cooperate to ensure a sustainable and profitable future? This event will serve to set the discussion table for the annual GPA Convention in San Antonio, Apr. 13-16, 2015.

This event is sponsored by Leidos Engineering.

register:WEBCAST


The Future of US Refining

Fri, Feb 6, 2015

Oil & Gas Journal’s Feb. 6, 2015, webcast will focus on the future of US refining as various forces this year conspire to pull the industry in different directions. Lower oil prices generally reduce feedstock costs, but they have also lowered refiners’ returns, as 2015 begins with refined products priced at lows not seen in years. If lower per-barrel crude prices dampen production of lighter crudes among shale plays, what will happen to refiners’ plans to export more barrels of lighter crudes? And as always, refiners will be affected by government regulations, particularly those that suppress demand, increase costs, or limit access to markets or supply.

register:WEBCAST


Oil & Gas Journal’s Forecast & Review/Worldwide Pipeline Construction 2015

Fri, Jan 30, 2015

The  Forecast & Review/Worldwide Pipeline Construction 2015 Webcast will address Oil & Gas Journal’s outlooks for the oil market and pipeline construction in a year of turbulence. Based on two annual special reports, the webcast will be presented by OGJ Editor Bob Tippee and OGJ Managing Editor-Technology Chris Smith.
The Forecast & Review portion of the webcast will identify forces underlying the collapse in crude oil prices and assess prospects for changes essential to recovery—all in the context of geopolitical pressures buffeting the market.

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected