Azerbaijan, Baku, Oct. 12 / Trend A. Badalova /
World oil demand will increase by 1 million barrels per day to 89.2 million barrels per day in 2011 and by 1.3 million bpd to 90.5 million barrels per day in 2012. These forecasts are contained in an International Energy Agency (IEA) report on oil market.
IEA revised down it forecasts for global oil demand by 50 kb/d for 2011 and by 210 kb/d for 2012.
According to the IEA estimates, global oil supply fell by 0.3 mb/d to 88.7 mb/d in September from August, due to non-OPEC outages.
Non-OPEC supply projections are trimmed by 0.3 mb/d for 4Q11 and by 0.2 mb/d for 2012, with annual growth averaging 0.2 mb/d, to 52.8 mb/d, and 0.9 mb/d to 53.6 mb/d for 2011 and 2012 respectively.
According to IEA estimates, in September OPEC crude oil supply decreased to 30.15 mb/d in September. Output there reached 350 kb/d in early October and capacity is assumed at 600 kb/d by end-year.