The cost of oil is being sent higher by “remarkably persistent” factors on both supply and demand, despite concerns that a potential return of Iranian oil to the global market would send prices down, according to the International Energy Agency (IEA).
The influential global energy research body raised its estimates for global oil demand for 2013 by 130 kilobarrels of oil per day, to 91.2 million barrels per day, on Wednesday, citing stronger‐than‐expected demand from the Organization for Economic Co-Operation and Development (OECD) countries in the third quarter, particularly the U.S.
There was also a decline in supply of crude oil from OPEC, the group of oil-exporting nations which includes Saudi Arabia. OPEC supply fell by 160 kilobarrels per day in November to 29.73 million barrels a day, the fourth month in a row supply fell, after political disruptions in Libya and Nigeria.
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