Oil price risks are skewed toward the downside, but prices will most likely drift in their recent range for the rest of the year, International Energy Agency Deputy Executive Director Richard Jones said Monday.
Oil price risks are skewed toward the downside, but prices will most
likely drift in their recent range for the rest of the year, International
Energy Agency Deputy Executive Director Richard Jones said Monday.
The price outlook hinges on oil demand growth, and "our prognosis is that
there won't be many changes this year in fundamentals," Jones told Dow
Jones Newswires on the sidelines of a United Nations conference here.
But eventually, in the next three to four years, new oil
production--particularly from
Brazil
and
West
Africa
--will weigh on prices, he said.
The first of three floating production, storage and offloading vessels is due
to start producing from Ghana's 700 million barrels of oil equivalent Jubilee
field before the end of this year at a maximum capacity of 120,000 barrels a
day, Tullow Oil PLC's (TLW.LN) Chief Operating Officer Paul McDade said earlier
this month.
Brazil
's
Tupi field holds an estimated 5 billion to 8 billion barrels of recoverable
reserves. The initial development phase is expected to commence in late 2010,
with initial production of up to 100 000 barrels a day, BG Group, which has a
25% share of Tupi, said on its Web site.
Jones said recovery in
U.S.
oil
demand so far hasn't been strong. While there have been some encouraging signs
of growth, energy intensity per GDP unit in the
U.S.
has
dropped, he said. Growth may not come back as strong as it was prior to the
economic downturn, Jones said.
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