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IEA revises up forecasts on global oil demand

Oil&Gas Materials 12 September 2012 15:35
Internationa Energy Agency (IEA) raised its global oil demand projections for 2012 and 2013 to 89.8 million barrels per day (bpd) and 90.69 million bpd respectively.
IEA revises up forecasts on global oil demand

Azerbaijan, Baku, Sept.12 / Trend A.Badalova/

Internationa Energy Agency (IEA) raised its global oil demand projections for 2012 and 2013 to 89.8 million barrels per day (bpd) and 90.69 million bpd respectively.

According to the IEA's report on oil market, published on Wednesday, oil demand grew by 1.2 million bpd in the first uqarter of 2012.

According to the IEA's estimates, global oil supply fell by 0.1 million bpd to 90.8 million bpd in August.

"OPEC liquids production growth, led by Nigeria, Angola and Iraq, failed fully to offset unplanned outages in non-OPEC countries," the report said.

Non-OPEC annual supply growth, according to the estimates, slowed to just 0.2 million bpd in the third quarter of 2012.

Oil imports from Iran are estimated to have inched up in August to 1.1 million bpd, from below 1 mullion bpd in July.

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