12 April 2013
Oil buoyant thanks to supply risks, says IEA
Prices have fallen, demand growth is sluggish and supply has rebounded in some key producing countries, but it may be too soon to declare a bear market
Oil prices have fallen, demand growth is sluggish and supply has rebounded in some key producing countries, but it may be too soon to declare a bear market as refineries come back online after the spring maintenance season and supply risks loom, the International Energy Agency (IEA) warned. Brent crude prices have fallen nearly 12% from $119 a barrel in early February to around $105/b on 11 April as supply growth has outpaced demand. Global oil demand was weaker than expected in the first quarter of the year, the IEA said in its monthly Oil Market Report. As a result, it cut its forecast for global oil demand in 2013 by 45,000 barrels a day (b/d) to 90.6 million b/d, just 0.9% higher than 20
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
