APPEC: WoodMac sees near-term downward oil price pressure

09/24/2012
Oil prices likely have peaked for the year barring a supply disruption, and Wood Mackenzie expects global oil demand growth will help keep prices above $100/bbl until 2013, WoodMac analysts told the Asia-Pacific Petroleum Conference in Singapore. Alan Gelder, head of WoodMac downstream research, said on Sept. 12 that new price drivers could cause fluctuation in oil prices out to 2013. In addition, he noted that new complex refineries increase the demand for heavy crudes and US tight oil plays will increase the supply of light sweet crudes, leading to narrower light-heavy crude differentials. "Although we won't see demand growth like that of 2009-10, global oil demand growth will help...
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