Wednesday, April 10, 2013

The Futility, The Futility

April 10, 2013, OPEC: The Fly on the Wall is reporting:
OPEC has left unchanged its world oil demand forecasts for 2012 and 2013, with China expected to contribute the most to growth while industrialized countries appear headed to a decline, reports the Economic Times.The organization expects world demand to reach 88.87M barrels per day this year, which is slightly higher than its previous forecast in March of 88.83 barrels per day. 
Call me a cynic, but isn't 2012 about three months ago, and it is being reported that OPEC has left unchanged its world oil demand for 2012.....

April 10, 2013, OPEC: Market Watch is reporting:
Crude-oil futures fell Wednesday, weighed as data from a trade group showing a jump in weekly crude supplies added to concerns about already high inventory levels, and the Organization of the Petroleum Exporting Countries downgraded its forecast for world oil demand
Earlier, OPEC said it had slightly cut global oil demand estimates for the year, the second time in two months, pointing to Cyprus as the latest cause for concern.
OPEC is concerned about the fragility of euro-zone economies, and the crisis has impacted oil prices, especially Brent crude. 
If OPEC is worried about Cyprus, I'm worried about OPEC. Just for starters, problems in OPEC's neighborhood are a tad worse than the Russian banking problem in Cyprus, which by now is so yesterday.

OPEC's neighborhod: the USN is closing in on Iran with .... OMG .... lasers.  Iran closing in on Syria.  Syria is closing in on Lebaon; John Kerry is closing in on Palestine Israel Egypt who knows, I give up. 

Speaking of flies on walls, Cyprus is about as important as yesterdays' fish. But I digress. The point of the article is OPEC's changing forecasts. I guess it depends on which oil prince you talk to and what agenda the kingdom has for the day.

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