The OilSpot News by Schneider Electric
Monday, May 20, 2013 VOLUME 11 ISSUE 555  











IEA Points to Oil “Supply Shock”
North American Supply to Reshape World Market over Next 5 Years

Graphic sourced from Wikipedia
The supply shock created by a surge in North American oil production will be as transformative to the market over the next five years as was the rise of Chinese demand over the last 15, the International Energy Agency said in its annual Medium Term Oil Market Report released on May 14.
 
The shift will not only cause oil companies to overhaul their global investment strategies, but also reshape the way oil is transported, stored and refined.

[FULL STORY]

US LNG Export Effects Studied
ICF says US LNG Exports would Boost Economy, Face Competition Abroad

U.S. liquefied natural gas exports could create tens of thousands of domestic jobs and have a minimal effect on domestic natural gas prices, according to a new report byICF International completed for the American Petroleum Institute.
 
The report, released on May 15, also concludes LNG exports from the United States would spur strong growth in U.S. GDP, but added U.S. companies would face considerable competition for LNG sales abroad, with at least 63 international LNG export projects currently planned or under construction.

[FULL STORY]

Oil’s Consumption Rate Still Tepid
IEA Hikes 2013 World Oil Demand Outlook on 2012 Revisions

The International Energy Agency in its Oil Market Report for May raised its global oil demand forecast for this year by 65,000 bpd to 90.6 million bpd, “due mainly to upward revisions to German gasoil data for 2012.” While making the adjustment, the IEA said its outlook for the year-on-year change in oil demand for 2013 was unchanged at 795,000 bpd.
 
The 2012 adjustment sets the world’s consumption of oil last year at 89.805 million bpd, up more than 1.0 million bpd from 2011 when the demand rate increased 700,000 bpd year-on-year. In its March OMR, IEA said the expected increase in global oil demand this year is less than in non-recessionary years when the consumption growth rate would be closer to 1.4 million bpd.

[FULL STORY]



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