Deutsche Bank energy analyst Adam Sieminski reports today that OECD daily demand for crude oil will fall by 300,000 barrels in 2008, according to the IEA, "and we agree with this assessment." Meanwhile, daily demand by non-OECD-member countries is expected to be higher this year, by 1.3 million barrels, "while most other forecasts remain closer to more than 1.1 million." And, forecasts for more daily output from non-OPEC producers has fallen to 650,000 barrels. The net effect? "The (daily) 'call on OPEC' in the Deutsche Bank forecast rises by 200,000 barrels in 2008 despite our demand downgrade." As of today, non-OECD-member countries are in a position to have a greater effect on global oil prices than the world’s No. 1 crude-oil user: the U.S. This means Americans have opened the door, and wide, to leaving oil pricing to other countries. Americans risk becoming price-takers, and giving others the power of the price-maker. Sieminski also notes that OECD-member-countries’ stockpiles of crude oil means they have 53 days worth of internal reserves. And, Congress just put a halt to adding more oil reserves to the U.S. Strategic Petroleum Reserve! –Nissa Darbonne, Executive Editor, Oil and Gas Investor, A&D Watch, Oil and Gas Investor This Week, www.OilandGasInvestor.com; email@example.com
2023-08-12 - EnLink Midstream has named Dilanka Seimon as its executive vice president and chief commercial officer.
2023-07-07 - Nicole Parra comes to California Resources as vice president of community affairs with over 30 years of experience in legislation and politics.
2023-08-16 - Empower Energies has appointed Christopher Lee as its CFO.
2023-08-17 - AltaGas Ltd. has appointed Angela Lekatsas to its board as an independent director, where she will also serve on the audit committee.
2023-08-27 - The new promotions will report directly to President and CEO of Kinetik, Jamie Welch.