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"Opinion / Energy Outlook"
Higher oil demand expected despite a feeling of anxiety
FUNDAMENTALS are crucial to the overall health, and the global crude balance is no exception.Slowing demand and growing output are continuing to impact the medium term crude scenario. OPEC is aware of it. In its monthly report, OPEC raised the forecast for oil supply from non-member countries, hampering its efforts to clear the glut and support prices.Outside producers would boost supply by 950,000 bpd this year, up from 580,000 bpd expected earlier. This is raising OPEC’s forecast for 2017 non-OPEC output by more than 60%. The new forecast is based largely on higher-than-expected output growth from US shale-oil producers and Canadian oil-sands operations. For the US alone, OPEC raised its outlook for production growth by 285,000 barrels a day to 820,000 a day compared with last year. It...
May 14, 2017
Higher oil demand expected despite a feeling of anxiety
Venezuela’s imbroglio impacts global energy
VENEZUELA, holding the world’s largest proven oil reserves, is in a mess. Anti-regime protests - emanating from the financial crisis and the resulting poverty - have resulted in the melting down of the governmental controls. Some 30-plus anti-government protesters have been killed in the ongoing saga.In the midst of all this, Venezuela has just, also earned the ignominy of being at the top of the Forbes global ‘Misery index.’ The country is faced with a rampant food and staples shortage. "We are facing a food crisis," analyst Jose Guerra explained to Al Jazeera. As per recent reports, chicken price inflation has surged to a 700% per annum. And as many as 85 of every 100 medicines being prescribed today are unavailable. Shortages are so extreme that patients sometimes take...
May 07, 2017
Venezuela’s imbroglio impacts global energy
