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Energy

IEA Lowers Global Oil Demand Forecast

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By Douglas A. McIntyre Updated Published
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In its February Oil Market Report, the International Energy Agency (IEA) burst the bubble created by the idea that a better economy will raise oil prices. The economy is not that much better, the agency expects.

From the report:

Crude oil futures breached nine-month highs in early February, propelled by stronger economic signals from China and the United States, robust financial market activity and cold weather in the Northern Hemisphere, the IEA said in its February Oil Market Report, released on Tuesday, 13 February.

The report slightly lowered its estimate of global oil demand, to 90.7 million barrels a day (mb/d) in 2013, following downward revisions to the International Monetary Fund’s forecast of economic activity, while the global demand estimate for the final quarter of 2012 was trimmed by 210 kb/d to 91.0 mb/d on weaker data for Saudi Arabia and the hurricane-hit United States.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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