April 12 - The International Energy Agency says that for the first time since 2009, oil supply may be outstripping demand.
Little Odom on this set to rise by just under 1% this year says there's the International Energy Agency and its latest assessments of the world outlook. That's it from David fry it's head of the IEA's oil industry. And markets division what did you David supply is now outstripping demonic judging by your charts the gap is widening. Up prices about the full. I think we've we're highlighting this month so -- that the party may have terms. In terms of market fundamentals. We've seen ten consecutive quarters and rich the mom was running out of supplies. First quarter when he 1215 a reversal of I think it's probably more occasion so. Some of these these these upward momentum for prices covering diminished rather than suggesting that any collapsing prices in these lights. All right but but but based purely on the these to -- supply fundamentals. If -- done this he would draw let's leave out aside terrible collapse of panacea for how far can they full price. I think I got a good thing we try to elderly care -- not -- mean you've you've you've got. So many uncertainties are very in the market at the moment. Not least concerns about supplies in the summer surrounding. Sanctions on Iran. You've got to for a million barrels per day of nonopec supply which is -- not -- of the system in the first quarter because of unexpected packages. So United States we I don't think we we habitually do not try and estimate where prices are gonna go but certainly. We would expect some of this team has been taken out of the market. What does Ron Paul in OPEC supply. You you you say he in your report. That this cycle of timing fundamentals been broken from now. Who are we talking weeks or months. I think looking ahead there's good guys are just certain there's still a number of uncertainties on the supply -- We think -- crises are having an impact. On the economic activity and therefore to mom's groups. Is to be weaker than it would otherwise be. All of those things being equal over the course of 2012. You know releasing these don't look a little bit better balance. Thought you know what if we lose more supply from OPEC more original perfect -- remained. In the frame. That you know the market could be correspondingly -- we're just we're being cautious. Is there room for complacency after. I'm I had just finished up with -- on Iran. How much supply -- will be lost if and when the sanctions Kiki and and and we'll Saudi fill the gap entirely. I mean we we we think good if you if you take you to apparently EU embargo. Are -- notional reduction of between ten and 20%. They -- things like Asian. Fires then you can get to a figure of around about a million barrels per day which -- Romney's struggle took place. Over the course the plumber now arguably the Saudi authorities stepped in and raise supply. Do not sure I'm ten million barrels per day. Solo really depends on how Iran try to get random function. In terms of how much is actually -- from the market in the summer. Update David many thanks it's going with us that the IEA stated five -- all on the inside a platform breaking news at ten sets CU straits times. I'm axles -- his is sources.