World Demand for Oil Products to Exceed 94mln Barrels a Day in 5 years: IEA
Azerbaijan, Baku, 2 July / corr Trend A.Badalova / The world demand for oil products will increase by 1.6% to 94.1mln barrels a day by 2013 as compared to 86.9mln barrels a day in 2008, the International Energy Agency (IEA) report on oil market in the mid-term prospective, placed in its official website.
According to Nobua Tanaka, the IEA Executive Director, considerable increase of demand will also be observed in countries not entering the Organization for Economic Cooperation and Development (OECD). The special weight of Asia, Near East and Latin America will comprise approximately 90% of the demand in 2008-2013.
IEA forecasts that production of bio-fuel will increase from 1.35mln barrels a day in 2008 to 1.95mln barrels by 2013.
Tanaka said that high oil prices observed in the market over the past few months can become a threat for the world economy and social welfare of millions of people.
"Weakness in the oil demand in OECD countries, limitations in supplies and ongoing rise in demand in the developing market will keep the oil market under tension in the mid-term prospective," Tanaka said.