tisdag 27 september 2011

EIA forsees a defecit of 2 m/bd

According to the latest EIA analysis the last real actual ww oil production is for June this year where some 86,72 mb/d was produced.

Then interestingly enough they predict average ww oil demand for Q3 to be some 88,95 M7bd and for Q4 that numer they expect to be 89,13 m/bd

That then concludes there is a shortage of some 2 M/bd from the latest real production (june) number vs expected demand fo the rest of the year.



Last time we saw a defecit like this the EIA released oil from the strategic oil reserves:

IEA makes 60 million barrels of oil available to market to offset Libyan disruption

So question now is - will there be a need for yet another release from the oil reserves or is someone of the oil producers able to act as a swing producer and if so are they then willing to act to depress the price of oil?

Sure the saudies as one example will start to run huge budget defecits if oil is maintained at a price level below $85.

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