Global Oil Demand To Top 100 MMBBL/D But Outlook May Cloud

ACTIVITY SEVEN
Decide which of these bub-headings best sums up the paragraph of the text. Then place them over
de appropriate sections.
 Influence of dolar
 Oil demand of present and in coming years
 New politics of energy
 Passing a important moment
 Asia leads with two countries
 Very high pressure on prices.
 Sanctions of the United States
 demand moderation
 Iran`s felling the sanction
 the forecasts do not change
 Pressure of two giants on emerging countries
Global Oil Demand To Top 100 MMbbl/d But Outlook May

Cloud
Very high pressure on prices.
World oil consumption will top 100 million barrels per day (MMbbl/d) in the next
three months, putting upward pressure on prices, although emerging market crises
and trade disputes could dent this demand, the International Energy Agency (IEA)
said on Sept. 13.
the forecasts do not change
The Paris-based IEA maintained its forecast of strong growth in global oil demand
this year of 1.4 MMbbl/d and another 1.5 MMbbl/d in 2019, unchanged from its
previous projection.
New politics of energy
“Things are tightening up,” the agency that advises Western governments on
energy policy said in its monthly report. “The price range for Brent of $70-$80 per
barrel in place since April could be tested.”
Sanctions of the United States
U.S. sanctions on Iran’s energy industry, which come into force in November, have
already cut supply back to two-year lows, while falling Venezuelan output and
unplanned outages elsewhere will also keep the balance between supply and
demand tight, the IEA said.
But it said rising demand could also be checked.
Influence of dolar
“As we move into 2019, a possible risk to our forecast lies in some key emerging
economies, partly due to currency depreciations versus the U.S. dollar raising the
cost of imported energy. In addition, there is a risk to growth from an escalation of
trade disputes,” the agency said.
Pressure of two giants on emerging countries
The U.S. and China have imposed a series of tariffs on each other's goods since
May that have unnerved equity markets, while a rising U.S. dollar has put emerging
market currencies under pressure, raising the energy bill for some of the world's
largest oil importers.
Asia leads with two countries
Demand from nations not in the OECD group of industrialized countries, led by
China and India, is expected to rise by 1.1 MMbbl/d to 51.6 MMbbl/d this year and
by 1.2 MMbbl/d to 52.8 MMbbl/d next year, the IEA said.
Demand moderation
Global demand will hit a high of 100.3 MMbbl/d in the final quarter of this year,
before moderating to 99.3 MMbbl/d in the first quarter of next year, the agency
said.
Passing a important moment
“We are entering a very crucial period for the oil market. The situation in
Venezuela could deteriorate even faster, strife could return to Libya and the 53
days to November 4 will reveal more decisions taken by countries and companies
with respect to Iranian oil purchases,” the IEA said, referring to the day U.S.
sanctions on Iran take effect.
“It remains to be seen if other producers decide to increase their production,” it said
Oil demand of present and in coming years
Demand for crude from OPEC will moderate in 2019 to 31.9 MMbbl/d, from an
estimated 32.3 MMbbl/d this year, the IEA said.
Iran`s felling the sanction
Iran, OPEC’s third-largest member, is feeling the effect of the sanctions. The IEA
said crude output fell in August by 150,000 bbl/d from July to a 25-month low of
3.63 MMbbl/d, while exports fell by 280,000 bbl/d to 1.9 MMbbl/d, from a peak of
around 2.5 MMbbl/d in May.
ACTIVITY SEVEN
Decide which of these bub-headings best sums up the paragraph of the text. Then place them over
de appropriate sections.
 Influence of dolar
 Oil demand of present and in coming years
 New politics of energy
 Passing a important moment
 Asia leads with two countries
 Very high pressure on prices.
 Sanctions of the United States
 demand moderation
 Iran`s felling the sanction
 the forecasts do not change
 Pressure of two giants on emerging countries
Global Oil Demand To Top 100 MMbbl/d But Outlook May

Cloud
(1)………………………………………………………………………………………
World oil consumption will top 100 million barrels per day (MMbbl/d) in the next
three months, putting upward pressure on prices, although emerging market crises
and trade disputes could dent this demand, the International Energy Agency (IEA)
said on Sept. 13.
(2)………………………………………………………………………………………
The Paris-based IEA maintained its forecast of strong growth in global oil demand
this year of 1.4 MMbbl/d and another 1.5 MMbbl/d in 2019, unchanged from its
previous projection.
(3)………………………………………………………………………………………
“Things are tightening up,” the agency that advises Western governments on
energy policy said in its monthly report. “The price range for Brent of $70-$80 per
barrel in place since April could be tested.”
(4)………………………………………………………………………………………
U.S. sanctions on Iran’s energy industry, which come into force in November, have
already cut supply back to two-year lows, while falling Venezuelan output and
unplanned outages elsewhere will also keep the balance between supply and
demand tight, the IEA said.
But it said rising demand could also be checked.
(5)………………………………………………………………………………………
“As we move into 2019, a possible risk to our forecast lies in some key emerging
economies, partly due to currency depreciations versus the U.S. dollar raising the
cost of imported energy. In addition, there is a risk to growth from an escalation of
trade disputes,” the agency said.
(6)………………………………………………………………………………………
The U.S. and China have imposed a series of tariffs on each other's goods since
May that have unnerved equity markets, while a rising U.S. dollar has put emerging
market currencies under pressure, raising the energy bill for some of the world's
largest oil importers.
(7)………………………………………………………………………………………
Demand from nations not in the OECD group of industrialized countries, led by
China and India, is expected to rise by 1.1 MMbbl/d to 51.6 MMbbl/d this year and
by 1.2 MMbbl/d to 52.8 MMbbl/d next year, the IEA said.
(8)………………………………………………………………………………………
Global demand will hit a high of 100.3 MMbbl/d in the final quarter of this year,
before moderating to 99.3 MMbbl/d in the first quarter of next year, the agency
said.
(9)………………………………………………………………………………………
“We are entering a very crucial period for the oil market. The situation in
Venezuela could deteriorate even faster, strife could return to Libya and the 53
days to November 4 will reveal more decisions taken by countries and companies
with respect to Iranian oil purchases,” the IEA said, referring to the day U.S.
sanctions on Iran take effect.
“It remains to be seen if other producers decide to increase their production,” it said
(10)………………………………………………………………………………………
Demand for crude from OPEC will moderate in 2019 to 31.9 MMbbl/d, from an
estimated 32.3 MMbbl/d this year, the IEA said.
(11)………………………………………………………………………………………
Iran, OPEC’s third-largest member, is feeling the effect of the sanctions. The IEA
said crude output fell in August by 150,000 bbl/d from July to a 25-month low of
3.63 MMbbl/d, while exports fell by 280,000 bbl/d to 1.9 MMbbl/d, from a peak of
around 2.5 MMbbl/d in May.

Global Oil Demand To Top 100 MMBBL/D But Outlook May Cloud

Uploaded by

Copyright:

Available Formats

Global Oil Demand To Top 100 MMBBL/D But Outlook May Cloud

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Global Oil Demand To Top 100 MMBBL/D But Outlook May Cloud

Uploaded by

Copyright:

Available Formats

ACTIVITY SEVEN

Global Oil Demand To Top 100 MMbbl/d But Outlook May

Global Oil Demand To Top 100 MMbbl/d But Outlook May

You might also like