EIA Raises Oil Price Forecast for 2012
napara111At the March Short-Term Energy Report, the DOE/EIA raised its oil price forecast for 2012 to US$106/bbl, up +$5/bbl from the previous forecast amid concerns over geopolitical tensions in the Middle East, growth in world demand and supply constraints in non-OPEC countries. Yet, the agency revised lower its oil demand projection for this year. Global oil demand is expected to reach 88.96M bbl, down from last month’s estimate of 89.25M bbl million last month but up +1.20% from the upwardly revised 87.9M bbl in 2011.
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EIA Raises Oil Price Forecast for 2012
