Oil Special-2014 Ends Strong, But Downward Pressure in 2015

摘要

Considering regional prices for crude oil, our fundamental outlook is for a broadly balanced physical market. There has been no change to this key theme. Global product demand growth is forecast to grow by a solid 1.3 Mb/d in 2014 and 1.2 Mb/d in 2015, led by emerging markets, particularly east of Suez. Total growth in non-OPEC supply, including OPEC NGLs, is projected at 1.5 Mb/d in both 2014 and 2015, driven by continued strong increases in US shale oil.