CGES forecasts that global oil demand in 2007 will grow at just 1 per cent, adding 860,000 bpd to global oil consumption. Weak fuel oil sales continue to depress demand growth. In contrast, oil supply is expected to grow by more than 1.1 million bpd, mainly from non-Opec countries. The report states that with non-Opec supply increasing substantially pressure will be put on Opec "to reach a consensus on the oil price level it wishes to defend".
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OPEC Output Cuts Cause Oil for $51 in 2007
Oil output cuts by Opec appear sufficient to balance the market in 2007
Oil output cuts by Opec appear sufficient to balance the market in 2007 at a price level of around $51 per barrel for its basket of crudes, predicts the Centre for Global Energy Studies (CGES) in its latest Monthly Oil Report.
It also says that this price can be achieved "without making any more cuts than those it has already implemented".
CGES forecasts that global oil demand in 2007 will grow at just 1 per cent, adding 860,000 bpd to global oil consumption. Weak fuel oil sales continue to depress demand growth. In contrast, oil supply is expected to grow by more than 1.1 million bpd, mainly from non-Opec countries. The report states that with non-Opec supply increasing substantially pressure will be put on Opec "to reach a consensus on the oil price level it wishes to defend".
CGES forecasts that global oil demand in 2007 will grow at just 1 per cent, adding 860,000 bpd to global oil consumption. Weak fuel oil sales continue to depress demand growth. In contrast, oil supply is expected to grow by more than 1.1 million bpd, mainly from non-Opec countries. The report states that with non-Opec supply increasing substantially pressure will be put on Opec "to reach a consensus on the oil price level it wishes to defend".
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