IEA revises down global oil demand forecast for 2012
Azerbaijan, Baku, Oct. 12 / Trend A.Badalova /
The International Energy Agency (IEA) revised down its forecasts for the global oil demand growth to 0.7 million barrels per day (bpd) for 2012 and kept them stable at 0.8 million bpd for 2013.
According to the IEA's report on oil market, published on Friday, global oil demand will amount to 89.7 million bpd in 2012 and to 90.5 million bpd in 2013.
IEA expects non-OPEC output to grow by 0.7 million bpd up to 53.9 million bpd in 2013 compared to 53.2 milion bpd in 2012.
"Supply recovers by 0.6 million bpd (to 53.6 million bpd) in the fourth quarter of 2012, from maintenance and hurricane disruptions in the third quarter of 2012," the report said.
According to the IEA's estimates, OPEC oil supply fell to an eight-month low in September, down 510,000 bpd to 31.17 million bpd.
"Higher supplies from Iraq and Libya failed to offset reduced output from Nigeria, Iran and Saudi Arabia," the report said.