IEA ups forecast on world oil demand
Azerbaijan, Baku, Nov. 12 / Trend , A.Badalova /
The International Energy Agency (IEA) raised its forecasts for world oil demand to 210,000 barrels per day in 2009 and 140,000 barrels per day in 2010. According to the new IEA forecast, in 2009 world oil demand will decline by 1.5 million bpd to 84.8 million and will increase next year by 1.3 million bpd to 86.2 million.
The IEA November report on the oil market says oil supplies by non- OPEC countries will also increase by 130,000 bpd in 2009 and 350,000 in 2010. Oil extraction by these countries is projected to hit 51.1 million bpd in 2009 and 51.9 million in 2010.
The IEA forecasts that the level of oil extraction by non-OPEC countries will grow in October by 380,000 bpd to 51.4 million bpd.
According to IEA estimates, the volume of world oil supplies last month increased by 635,000 bpd to 85.6 million. The level of oil extraction by OPEC has reached its highest level since January 2009 at 29 million bpd.
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