IEA expects lower global oil demand in second quarter of 2012
Azerbaijan, Baku, April 12 / Trend A.Badalova/
Global oil consumption will reach a low of 88.6 million barrels per day (bpd) in the second quarter of 2012, the International Energy Agency (IEA) said in its report on oil market, published on Thursday.
According to IEA expectation, weak seasonal products demand along with high prices and a stuttering economic recovery will contribute to the fall in global oil consumption. Agency expects the strenghthening of demand through end-2012 as economic growth accelerats.
Global oil demand is expected by IEA to increase by 0.8 mln bpd (0.9 percent) to 89.9 mln bpd in 2012.
According to the IEA estimates, non-OPEC supply fell by 0.5 mln bpd to 52.7 mln bpd in March.
The agency predicts non-OPEC total output to increase by 0.7 mln bpd to 53.4 mln bpd in 2012.
March OPEC supply held near three-and-a-half year highs, up by 135,000 bpd to 31.43 mln bpd, IEA says.
A list of countries pledging import cuts in coming months suggests Iranian supplies could fall by 0.8-1.0 mln bpd versus 2011 levels by mid-summer, agency believe.