11 June 2013 23:24 [Source: ICIS news]
WASHINGTON (ICIS)--Liquid fuels consumption in developing nations in April exceeded that of industrialised countries for the first time and likely will exceed developed countries’ fuels use for full-year 2014, the US Energy Department (DOE) said on Tuesday.
In its monthly short-term energy outlook (STEO), the department’s Energy Information Administration (EIA) said that total estimated liquid fuels consumption in countries outside the Organisation for Economic Cooperation and Development (OECD) reached 44.5m bbl/d in April, “which was higher than consumption in OECD countries (44.3m bbl/d) for the first time in history”.
The 34 OECD member nations are chiefly the major industrialised countries of Europe, North America and Asia but also include ?xml:namespace>
The EIA said that it expects that average daily OECD liquid fuels consumption for full-year 2013 will exceed that of the non-OECD nations -- but that liquid fuels consumption by developing countries will pull ahead of industrialised nations in 2014.
The EIA said that it expects Brent crude oil spot prices will fall from an average of $112/bbl in 2012 to an annual average of $105/bbl this year and $100/bbl in 2014, “reflecting the increasing supply of liquid fuels from non-OPEC countries”.
The outlook anticipates a moderate decline in US crude oil prices this year and next.
The EIA said that compared with an average of $94/bbl in 2012, benchmark West Texas Intermediate (WTI) crude likely will average $93/bbl for full-year 2013 and then fall to an average of $92/bbl for 2014.
In natural gas, the administration said that it expects the US Henry Hub spot prices will increase from an average of $2.75/MMBtu in 2012 to $3.92/MMBtu this year and then climb to an average $4.10/MMBtu in 2014.
The US petrochemicals sector and downstream chemical manufacturers are heavily dependent on natural gas availability and pricing because natural gas liquids constitute a key chemicals industry feedstock, and “dry gas” is used by petchem producers and many other manufacturers as an energy fuel.
Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy
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