Breitling Oil and Gas Morning Podcast #213 12-19-12

Stronger-than-expected preliminary October demand data and signs of improving Chinese sentiment pushed the International Energy Agency’s December forecast of fourth-quarter global oil demand higher by 500k barrels.

IEA continued to forecast relatively sluggish demand growth through 2013 with expected continued slow-moving economic improvement worldwide, however.

IEA said production by OPEC members inched up to 31.2 million b/ in Novembrt led by higher output from Saudi Arabia, Angola, Algeria, and Libya.

Nigerian output remained constrained by severe flooding and sabotage and Iranian production edged lower under the weight of shipping constraints and stepped-up sanctions by the US.

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