IEA cuts global oil demand forecast for last quarter of 2012
Azerbaijan, Baku, Nov. 13 / Trend A.Badalova /
The International Energy Agency (IEA) cut its forecasts on global oil demand for the fourth quarter of 2012 by 290,000 barrels per day (bpd) to 90.1 million bpd.
According to the IEA's report on oil market, published on Tuesday, new forecasts reflect persistent weakness in Europe and the impact of Hurricane Sandy in the US.
The 2012 growth forecast has been also reduced by 60,000 bpd to 670,000 bpd.
According to the IEA's estimates, non-OPEC oil production increased by 840,000 bpd to 53.4 million bpd in October.
IEA expects non-OPEC supplies to grow by 460,000 bpd in 2012 and by 860,000 bpd in 2013, to 54.1 million bpd.
"OPEC crude oil supply dipped by 30,000 bpd to 31.15 million bpd in October, a nine-month low, even as Iran halted a seven-month supply downtrend with a small rebound," the report said.