U.S bank reduces forecasts on world oil prices

Azerbaijan, Baku, July 1 / Trend A. Badalova /

One of the largest U.S. bank JP Morgan has lowered forecasts for world oil prices in 2010 amid expectations of stabilizing U.S. dollar against the euro. According to new projections of the bank, the price for U.S. crude oil WTI this year will amount to $81.75 per barrel compared to $ 88 per barrel, the bank forecasted earlier.

The price for North Sea Brent crude oil for this year also lowered by the bank from $88.6 per barrel to $82.25 per barrel.

According to the monthly report of JP Morgan on the oil market, the price for WTI will be $85 a barrel in the third and fourth quarters of 2010, Brent - $86 a barrel, analysts said.

Forecasts of JP Morgan analysts on oil prices for 2011 remain unchanged - $90 per barrel for WTI and $92 dollars per barrel - for Brent. Analysts predict the price for WTI at $ 95 per barrel, Brent - $97 per barrel in the fourth quarter of next year.

Oil prices on world markets show the trend of falling for the third day since the beginning of the week. The main reason was the U.S. Department of Energy's data on the growth of stocks of oil products, as well as concerns about the continued low demand for oil. As a result of trading on Wednesday, June 30 the price for August futures for WTI on the New York Exchange fell by $0.31 up to $75.63 per barrel. Price for August futures for Brent reduced by $0.43 up to $75.01 per barrel on the London Stock Exchange.

World oil demand

JP Morgan analysts forecast an increase in global oil demand at $2.1 per barrel up to $86.8 per barrel in 2010. Previously, bank analysts predicted world oil demand at $86.4 per barrel this year.

Global demand will increase by $1.6 per barrel up to $88.4 per barrel in 2011.

Of the total oil demand in 2010, about 45.7 million barrels a day will fall to OECD countries (the Organization for Economic Cooperation and Development), 41 million barrels per day - countries non-members of the organization.

Oil demand in the OECD increased by 0.2 million barrels per day up to 45.7 million barrels per day, in countries non-members of the organization - 1,6 million barrels up to 42.6 million barrels per day in 2011.

Demand for oil in Asian countries will hit 27.1 million barrels per day in 2010 and 27.8 million barrels per day in 2011, analysts said. Most demand among Asian countries will fall to China - 9 million barrels a day this year and 9.4 million barrels a day next year.

OPEC Oil Supply

JP Morgan analysts forecast an increase of world oil supply by 2 million barrels per day up to 86.8 and 88.8 million barrels per day in 2010 and 2011, respectively.

Of the total world oil supply in 2010, about 29,2 million barrels a day or 0,6 million barrels a day more than the amount in 2009 will fall to OPEC. According to the forecasts of the bank, the highest level of oil cartel this year will occur in the fourth quarter - 29.5 million barrels per day.

The bank forecasts an increase in OPEC supply at 1.8 million barrels up to 31 million barrels per day in 2011. The level of supply will be 30.5 million barrels a day in the first and second quarters of next year,  31.5 million barrels - in the third and fourth quarters.

JP Morgan analysts believe that there will not be significant growth in OPEC supplies soon, given the fact that a majority of the cartel members are satisfied with the current level of oil production and prices.

Deliveries of oil by countries-non OPEC members

This month analysts of the bank raised the forecasts of oil supplies to the countries non-OPEC members this year from 49.9 up to 50.1 million barrels per day, which is 0.9 million barrels per day more than the volume of deliveries last year. The bank analysts predict a reduction in oil supply by these countries by 0.3 million barrels up to 49.8 million barrels per day in 2011.

According to JP Morgan, oil production by countries non OPEC members reduced in May by 245,000 barrels per day up to 40.7 million barrels per day. Oil production in the former Soviet Union in May increased by 0,116 million barrels per day up to 12.542 million barrels per day.

Sugar prices in Kyrgyzstan increase by 46% over year
Sugar prices in Kyrgyzstan increase by 46% over year
COVID-19 Update: 83,179 Kyrgyzstanis recovered
COVID-19 Update: 83,179 Kyrgyzstanis recovered
Apples supplies from Kyrgyzstan to Uzbekistan significantly increase
Apples supplies from Kyrgyzstan to Uzbekistan significantly increase
Loading Bars
Latest
Central Bank of Azerbaijan shares data of deposit operations of Azerbaijani commercial banks
Turkey announces coal handling figures via local ports over January 2021
Kazakhstan sees decrease in overall lending volumes
Third export train with Turkish-made goods sent to China via BTK railway
Area for growing crops increased in Turkmenistan
Iranian Parliament to review Pensions Bill
Georgia expects GDP to recover
Iran seeks to stabilise commodity prices and foreign currency rate
Iran shares data for foreign trade
Iran to adopt domestically produced equipment for National Information Network
Iranian government expresses concerns over FATF related bills
Iran provides free electricity to low consuming users
Azerbaijani president, first lady attend sail away of 'Academician Zarifa Aliyeva' ship, launch of first Ro-Pax type 'Azerbaijan' ferry boat (PHOTO)
Azerbaijani president, first lady attend opening ceremony of world's first tanker-museum in Baku (PHOTO)
TP Securities strike deal on setting up polypropylene production in Uzbekistan
President Aliyev attends opening ceremony of new administrative building of Azerbaijan Caspian Shipping Company (PHOTO)
Guatemala President thanks India for providing Covishield vaccine doses
14 missions lined up for launch in 2021, says ISRO chairman K Sivan
Foreign countries want to implement India's NEP: Pokhriyal
Android continues to be most used OS in Azerbaijan
Data, AI fastest growing job clusters in world
Demand of commercial banks in Azerbaijan continues to drop
Isro flags off 2021 with 19 satellites, e-Gita & PM Modi's picture
Samsung smartphones retain popularity in Azerbaijani mobile device market
Turkey decreases crude oil imports from Kazakhstan month-on-month
EU, FAO to implement new agro-project in Georgia
Kazakhstan’s Atyrau refinery opens tender to buy spares
Kazakhstan unveils 2020 trade turnover results with Turkey
Azerbaijan SME Dev't Agency expands access of businesses to financial market
Google remains most popular search engine in Azerbaijan
Iran's Qom Seminary stands behind Azerbaijan regarding Karabakh
Iran hopes for 'various projects' on Azerbaijan's liberated lands - Deputy FM
SOCAR’s STAR Refinery increases oil imports
Largest share of Uzbekistan’s foreign debt directed at energy development
Azerbaijani Azerlotereya passes under control of Turkish company - FM
Oil price fall below $55/bbl unlikely this year
Kazakhstan revises maximum recommended rates on deposits
Uzbekistan expanding exports of agricultural products to China
Almost 1 lakh Maldivians jabbed with Indian-made Covishield vaccines
Bulgaria, Serbia plan to start gas interconnection project in May
Iraq to pay off its debts to Iran, Iraqi FM says
Turkmenistan restores bus traffic on number of routes
Iran to receive China's Sinopharm vaccine
Investments made in industrial parks of Iran's East Azerbaijan Province
Azerbaijan continues increasing number of SME houses
Turkey names number of ships received at Bandirma port in Jan. 2021
Agricultural lands in Iran's Qazvin province equipped with modern irrigation systems
Azerbaijani Agency for SMEs talks approval of regulatory acts in 2020
Georgia sees decrease in COVID-19 cases for March 1
BP says all necessary permissions obtained for SWAP 1st exploration well
Seasonal increase in prices for fruit, vegetables - main inflation factor in Uzbekistan
Turkmenistan opens visa-free regime for UN staff
Azerbaijan Ministry of Culture delegation discusses strengthening of cultural ties in Turkey (PHOTO)
Bulgaria still interested in SOCAR’s investing in its household gas supply network
Iran's 'Razi Cov-Pars' COVID-19 vaccine to go into mass production, if successful
Iranian MP points to manage cryptocurrency sector in country
Southern Gas Corridor’s expansion will allow Bulgaria to enhance IGB’s capacity
Azerbaijan sees decline in prices for precious metals
Azerbaijan becomes second largest supplier of gas to Bulgaria – envoy
Weekly review of Azerbaijani oil market
Exports of Iran's agricultural products increase
Chrome continues to be most used browser in Azerbaijan
Azerbaijani FM tweets message on Zero Discrimination Day
Make a worthy gift to corporate partners with Xurcun Luxury Nuts, Sweets & Dried fruits! - PHOTO
Major press conference of Azerbaijani president in spotlight of Spanish media
Russia organizes charter flight from Turkmenistan
Iranian currency rates for March 1
Turkey increases trade turnover with Azerbaijan in Jan.2021
ACG oil transshipment from Ceyhan terminal exceeds 33 million tons YTD
Plant of Iran's Kangan Petro Refining Company to be put into operation
Instagram becomes most-used social network in Azerbaijan
Azerbaijan shares footage from Aghdam district's Gulluja village (PHOTO/VIDEO)
Uzbekistan reveals its COVID-19 data for March 1
Uzbekistan actively introducing modern energy-saving technologies
Countries continue to purchase goods via Raw Materials Exchange of Turkmenistan
List of Iran's nuclear facilities to remain secret – Salehi
Turkey issues data on Jan.2021 cargo shipment via local ports from Tunisia
Exports of Iranian mining products revealed
Azerbaijani currency rates for March 1
India to fund NRs 530 million for reconstruction of total 25 health posts in Dhading, Sindhupalchowk
Oil extraction from Iran-Iraq joint Azar field to reach new level
‘Hope other countries follow your example’: WHO chief lauds India, PM Modi
India’s Bharat Biotech confirms deal with Brazil to supply 20 million covid-19 vaccine doses
US Civil society groups, lawmakers press Biden to support India's TRIPS waiver proposal on Covid-19 vaccines
UK court allows extradition of diamond billionaire Nirav Modi to India
Azerbaijani citizens now can arrive in Georgia, avoiding 12-day quarantine
Prayers in European mosques in memory of Khojaly genocide victims (PHOTO)
Surfshark puts Azerbaijan in TOP-3 for 'internet accessibility' among over 80 countries
Details of Iran's exports to Iraq via Mehran customs made public
Iran discloses capacity of dams
Macau's gambling revenue surges 135.6% in February
Oil prices rebound as U.S. House passes huge stimulus bill
Uzbekistan reveals export of fruit, vegetables for Jan. 2021
Indian PM gets his first COVID-19 vaccine dose as country begins phase-2 of vaccination drive
Introduction of digital technologies into TRACECA corridors to raise route's attractiveness - INTERVIEW
Philippines starts rollout of China's Sinovac COVID-19 vaccine
US to prepare additional measures against Myanmar after protest break-up
Iran boosts electricity generation volumes at its thermal power plants
Trump proposes new voting limits, rails against "monster" voting rights bill
Brazil registers 34,027 new COVID-19 cases, 721 related deaths
All news