The agency also lifted its estimate of demand growth in 2012 from 850,000 barrels a day to 975,000 barrels a day. The change was based on higher consumption in China, the United States and Brazil.
The IEA also noted that it does not expect the demand growth to be met by additional supply from non-OPEC producers. That led to the conclusion that OPEC would need to produce more to meet the rise in demand.
OPEC, and particularly Saudi Arabia, have throttled production recently, which the IEA says is “driven less by price considerations than by the weather.” The end of the Saudi summer typically reduces demand for electricity for air conditioning, and most of Saudi Arabia’s electricity is generated by oil-fired power plants.
West Texas Intermediate (WTI) prices rose to a four-year high yesterday, topping $96 a barrel in intra-day trading. Prices have moderated somewhat today, with WTI trading down about 0.2% at $95.28 and Brent trading at $110.74. The WTI-Brent differential has fallen below $15 a barrel for the first time in more than four months.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
