The global demand

As predicted by WorldWatch some time back and now confirmed by the International Energy Agency (IEA) a 3% global crude demand is expected this year, the biggest decline since 1981.
The global demand for crude will decline as much as 2.56 million barrels per day; demand will be at 83.2 million barrels per day.
This new prediction by the IEA results in an estimated drop of 200 thousand barrels per day over the last forecast last month of Aril.
The recent crude price increase that reached the $60 mark this week, a first time since November 2008, cannot be taken as a sign of a recovery in crude prices, as the fundamentals continue weak
WorldWatch reports that OPEC also increased production in Aril by 270 thousand barrels per day.
Crude markets reacted to this news and prices dropped, New York fell 1, 62% to $57, 05 while Brent fell 1, 29% to $56, 60...
Yet Portugal continues to be rocked by the oil companies that have once more in a period of a week increased the final consumer price twice..
The players are always the same the energy companies like Galp,BP.Repsol and Cepsa continue to inflate oil prices for the consumer, Portugal is facing ever harder times as corruption at all levels is now a daily routine from the Free case to the oil companies scamming motorist with ever higher prices. Curious is the fact that elections are at hand and the population will now face the opportunity to replace existing government with one that works for the people and not the oil companies.