Demand for Opec oil is expected to be 29.76 mbd in 2014 as compared to 30.21 mbd in 2013 For almost two years now, the oil market has witnessed a relative stability rarely seen before. The price of the Opec reference basket of 12 crude oils moved in a narrow range of between $104 (Dh381.68) and $109 a barrel. The oil price is kept within this range as production in the US soared to a level not seen for 28 years, while this is countered by increasing oil demand and by outages of production from other regions, especially in Libya. More importantly, and especially since February, tension between Russia and the West as a result of the Ukraine crises has given further support to prices in anticipation of a worsening situation, though oil and gas exports from Russia have hardly been affected so far. The estimates reported by both […]