1 / 9

Global Oil Market Outlook: Challenges and Opportunities

Insights from the 13th International Oil Summit with OPEC Secretary Abdalla Salem El-Badri discussing the current market landscape, economic uncertainties, geopolitical developments, and supply disruptions. Learn about key messages and focus areas for ensuring market stability. Visit www.opec.org for more information.

marcin
Download Presentation

Global Oil Market Outlook: Challenges and Opportunities

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 13th International Oil Summit Abdalla Salem El-Badri OPEC Secretary General The Current Oil Market Paris, France 3rd May 2012

  2. Challenging times for the oil industry Last year: Global economic turbulence Unrest in the MENA region Japan’s triple disaster This year: Continued economic uncertainty Geopolitical developments Supply disruptions in some non-OPEC regions, although Libya is returning to pre-uprising levels However, there has been, and remains, NO shortage of oil in the market 2

  3. The world economy: moving to a lower growth trajectory? Real GDP growth (in %) • Global economic growth patchy • US showing some positive signs, but Euro-zone still struggling with sovereign debt • Japan some improvement, but still suffering from last year’s triple disaster • Data suggests China is slowing, but will this trend continue? • Concerns that OECD problems will spill over into developing countries 3

  4. High levels of open interest contracts 4

  5. Some non-OPEC disruptions, but overall supply increasing World oil supply • Non-OPEC supply disruptions; Syria, South Sudan, Yemen, North Sea • Strong increase in the first quarter of this year from other non-OPEC supply, e.g. North America • Libyan crude has a made a quick return to the market • Overall, world oil supply is increasing

  6. OECD commercial oil stocks (up to end-March 2012) Million barrels Days of forward cover

  7. Steady rise in OPEC crude oil production(2009 – 2012, mb/d)

  8. Key messages in the current oil market • The oil market is well supplied • Supply and demand fundamentals are sound • Global economic growth remains a key uncertainty, particularly in the Euro-zone • Today’s price levels are being impacted by speculation • Market stability needs to be our focus

  9. Thank you www.opec.org

More Related