Global Oil Product Demand Growth to Exceed 1%: IEA
Azerbaijan, Baku, 10 July /corr. Trend A.Badalova / Global oil product demand is expected to grow by 1.1% or 860 kb/d to 87.7 mb/d in 2009, mentioned by the report of the International Energy Agency (IEA), placed on organization's website.
The report says that high oil prices contribute to a contraction in OECD oil product demand, offset by robust growth in developing economies. Strong non-OECD consumption also offsets downward revisions elsewhere, lifting 2008 demand by a modest 80 kb/d.
According to estimations of IEA, OPEC crude supply increased by 350 kb/d in June to 32.4 mb/d.
IEA forecasts that non-OPEC supply is seen rising 640 kb/d to 50.6 mb/d in 2009.