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; ndarbonne@hartenergy.com
Recommended Reading
Produced Water: One Man’s Garbage is Another Man’s Gold
2025-06-10 - It will take time to figure out which solutions to the produced water problem scale up the best. Good legislation is going to be crucial, experts say.
SMR Developer Oklo Partners with Korea Hydro & Nuclear Power
2025-05-28 - As part of their collaboration, nuclear power companies Oklo and Korea Hydro & Nuclear Power plan to cooperate on early-stage project development efforts.
Chevron Lummus, Neste Mark Milestone for Renewable Fuels Tech
2025-06-11 - Partners Chevron Lummus Global and Neste aim to create a scalable platform to produce renewable fuel from lignocellulosic raw material, according to a news release.
Nabors, Corva Expand Alliance to Boost AI-Driven Innovation at Rig Sites
2025-04-13 - Nabors Drilling Technologies and Corva AI will use the RigCloud platform to provide real-time insights to crews directly at drilling sites, the companies said.
Chevron, Halliburton Develop New Feedback Process for Completions in Colorado
2025-06-12 - The technique combines Halliburton’s fracturing platform with Chevron’s subsurface knowledge built into an algorithm to enable decision-making.