IRAN: Oil Supply

[dan_s]

PARIS — Iranian oil exports are likely to fall by nearly half within six months, the IEA said Wednesday while holding its estimate of global oil demand steady for the first time in six months.

The report underscored two forces in the oil market, where prices have risen sharply, pushing up energy costs in many sectors.

These are the effect of EU sanctions against Iran and other disruptions to supply together with tighter market conditions.

For a long period the underlying tone of IEA monthly reports has been dominated by the outlook for slower economic growth, which weakened prospects for growth of oil demand.

The IEA said Wednesday that it expected Iranian exports to fall to about one million barrels per day (mb/d) after the middle of this year.

Full Article: http://www.google.com/hostednews/afp/ar ... 4e832f.1b1