Monday, April 13, 2009

IEA

The decision by the [IEA] to lower its estimate for 2009 world [OIL] demand by 2.4mln bpd is clearly hurting the price of crude after the Easter break. So far, officials have reacted calmly to the news. Qatar's Oil Min said it is too early for OPEC to react to the IEA's assessment, while Iran's Oil Min believes the price of crude could rise to Usd 60/brl in Q3 though Usd 75-80 is needed to secure supply. The Iranian official expects crude prices to rise during 2009/10 and notes any further OPEC cut depends on the market situation. Usd 48.86 still the oil low so far and again we do not expect signs of panic until a sub Usd 47.00/26 breach

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