IEA expects global oil demand at 90 mln bpd in 2012
Azerbaijan, Baku, May 11 / Trend A.Badalova/
Global oil consumption will increase by 0.8 million barrels per day (bpd) to 90 million bpd in 2012, the International Energy Agency (IEA) said in its report on oil market, published on Friday.
According to the IEA's forecasts, global oil demand growth will gradually accelerate throughout 2012, amount to 1.2 million bpd by the fourth quarter of the year.
Global oil supply increased by 0.6 million bpd to 91 million bpd in April, according to the IEA's estimates.
OPEC production increased by 410,000 bpd to 31.85 million bpd last month due to higher Iraqi, Nigerian and Libyan supplies, IEA says.
Non-OPEC supply, according to the agency's estimates, increased by 0.1 million bpd to 52.9 million bpd in April.
"Despite persistent non-OECD outages in 2012, production growth in North America should average 0.6 million bpd for the remainder of the year, lifting non-OPEC supplies by 0.6 million bpd y-o-y to 53.3 million bpd," IEA says.