IEA revises down forecasts for global oil demand by 20 kb/d for 2012
Azerbaijan, Baku, Nov. 10 / Trend A. Badalova /
World oil demand will increase by 0.9 mln bpd to 89.2 mln bpd in 2011 and by 1.3 mln bpd to 90.5 mln bpd in 2012, according to the International Energy Agency (IEA) report on oil market, released on Thursday.
IEA revised down the forecasts for global oil demand by 70 kb/d for 2011 and by 20 kb/d for 2012 due to lower-than-expected 3Q11 readings in the US, China and Japan.
IEA expects gasoil to continue to provide the greatest impetus for demand growth.
According to the IEA estimates, global oil supply rose by 1 mb/d to 88.7 mb/d in October from August, driven by recovering non-OPEC output. OPEC supply rose by 95 kb/d to 30.01 mb/d in October, with higher output from Libya, Saudi Arabia and Angola, partially offset by lower output from other members.
Non-OPEC supply growth averages 0.1 mb/d in 2011 but rebounds to 1.1 mb/d in 2012, IEA believes.
According to IEA estimates, global refinery crude throughputs fell sharply in September, as planned and unplanned shutdowns amplified the normal seasonal downturn.
3Q11 global runs have been lowered by 30 kb/d, to 75.5 mb/d, while 4Q11 runs are revised down 260 kb/d, to 75.1 mb/d.