IEA expects annual growth in world oil demand at 1.2 million barrels per day
Azerbaijan, Baku, June 23/ Trend, A. Badalova /
World oil demand from 2011 to 2016 will increase annually by 1.2 million barrels per day.
These key forecasts are contained in an International Energy Agency (IEA) 2011 report on oil and gas markets in the medium term.
Gas demand during this period could increase to 500 billion cubic meters.
According to the IEA expectations, share of gas will increase in global energy balance, growth in annual demand for which hits 2.4 percent from 2011 to 2016.
The IEA forecasts are based on an estimated oil price at $103 a barrel.
Based on these estimates, the IEA forecasts an annual growth in world oil supplies at 1.1 million barrels per day by 2016.
OPEC's leading oil suppliers will be the UAE and Angola.
The IEA predicts global oil demand at 95.3 million barrels per day in 2016.
Some 95 percent of growth in global oil demand for account for China, Asia and the Middle East.
In 2011, the IEA predicts a growth in global oil demand by 1.3 million barrels per day to 89.3 million barrels per day. Growth in oil production by non-OPEC countries is forecast at 560,000 barrels per day in 2011.