Oil and gas indsutry 野村证券 2011年5月报告

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英文版的报告
Contents
Oil prices to peak in the near term 3
The loss of Libyan crude supply to boost sweet crude premium 3
Japanese oil demand to increase this summer 5
Seasonal demand upswing in US and Europe 6
Oil demand from refineries to increase in the coming months 7
Fundamentals continue to remain strong 9
Demand growth to remain strong 9
Demand destruction likely to be minimal 12
OPEC spare capacity continues to fall 14
Iraq supply could be a big swing factor in 2013F & beyond 15
Early indicators point to intensifying investments 16
Inventory could continue to fall 17
Fund flows to negatively influence oil prices in the longer term 19
OPEC to support higher oil prices 22
Long-term price remains at US$75/bbl 23