Paris-based energy agency sees more oil coming from outside OPEC

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Paris-based energy agency sees more oil coming from outside OPEC
by Daniel J. Graeber
Paris (UPI) Jun 13, 2013

Aberdeen picked as site for new regional oil and gas authority
Aberdeen, Scotland (UPI) Jun 13, 2013 - Scotland is the right place to set up an agency supporting the region's energy sector because it's the "energy capital of Europe," a government spokesman said.

Treasury Minister Danny Alexander announced the independent Oil and Gas Authority would be based in Aberdeen. A spokesman for the Scottish government said the decision was the right one to make.

"The Scottish government has made clear from the outset that Aberdeen, the energy capital of Europe, is the only conceivable location for the new regulator to be headquartered," he was quoted as saying Thursday by the BBC.

The independent agency will be set up to foster support for the energy sector in the region.

Scotland holds a referendum for independence in September. The government says it could support itself with oil and gas revenue while powering its economy in renewable energy resources.

Speaking at an energy conference in Aberdeen, Scottish First Minister Alex Salmond said independence would strengthen the ties between the government and the industry.

"[Aberdeen] should not be in pole position but in sole position," he said Wednesday.

The Paris-based International Energy Agency said Friday global oil supplies rose largely because of output from countries outside of OPEC.

The IEA said in its market report for June global oil supplies rose 530,000 barrels per day to 92.6 million bpd. The increase was due to production from countries outside the Organization of Petroleum Exporting Countries.

"On a yearly basis, world output was up 1.0 million for [May], as non‐OPEC growth of 2.1 million bpd compensated for OPEC declines," the market report said.

OPEC members are reacting to production from the United States and Canada. The United States in particular is importing less oil as it relies more on domestic supplies.

On the demand side, IEA said it expected a modest increase this year to 92.8 million bpd as the global economy continues to move past recession.

"Global oil demand is set to increase sharply from a low of 91.4 million bpd in the first quarter to a high of 94 million bpd in the fourth [quarter]," IEA said.

OPEC in its monthly report for June said the global oil market should be well-supplied.

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