28 May 2013
Global oil demand is rising steadily
With oil prices hovering around $103 a barrel, the market has found its sweet spot
Global oil demand continues to rise moderately – this year it will increase by about 800,000 barrels a day (b/d), believe both the International Energy Agency (IEA) and Opec. New production, especially in North America, keeps coming on line, leaving the supplies healthy. Commercial OECD stocks are within their historical range. Things are balanced. Opec can be content. Saudi Arabia, which has long seen $100/b oil as good deal for both producers and consumers, has little reason to mess with the status quo. The UAE’s new oil minister, Suhail Mohammad Al Mazroui, says the oil price is now “fair and suitable”. True, his counterpart from Venezuela, Rafael Ramirez, thinks Opec should be preparing
Also in this section
16 April 2026
Demand for oil is falling because supply cannot meet it, not because it is no longer required
16 April 2026
The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away
15 April 2026
The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order
15 April 2026
The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way
