Oil market well balanced, expected to be stable for rest of year:
gulf source
Dubai (Platts)--11Mar2013/842 am EDT/1242 GMT
Saudi Arabia produced 9.15 million b/d in February and supplied 9.16
million b/d to markets as output fell by 100,000 b/d over January, but
the OPEC kingpin is likely to raise production in the coming months as
demand picks up, a Gulf source said Monday.
"I think the market is balanced. It's a little bit on the tight side
because of refining maintenance in Asia and many other areas," the
source said. "We expected the stock build in the second quarter and a
little bit in the third quarter."
The source, who declined to be identified, said that oil prices were
also expected to hold steady, assuming there is no unforeseen
geopolitical development that would impact markets.
"I don't see any major change this year that will impact either prices
or the supply and demand picture," the source said, adding: "I think
it's going to be stable unless there is something that we don't know
about like geopolitics."
"Generally the market is expected to be stable," the source said adding
that oil prices might move by $2-$3/barrel "up or down" or in a
worst-case scenario by $5/b.
--Kate Dourian, kate_dourian@platts.com --Edited by James Leech,
james_leech@platts.com
© 2013 Platts, The McGraw-Hill Companies Inc. All rights reserved.
To subscribe or visit go to:
http://www.platts.com
http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Oil/8218146?WT.mc_id=&WT.tsrc=Eloqua
|