IEA projects global oil demand at 90.5 mln bpd in last quarter of 2012
Azerbaijan, Baku, Dec. 12 / Trend A.Badalova/
The International Energy Agency (IEA) expects global oil demand at 90.5 million barrels per day (bpd) in the fourth quarter of 2012, which is 435,000 bpd more than forecast for last month.
According to the IEA's report on oil market, published on Wednesday, revised forecasts reflect stronger-than-expected preliminary demand data in October and signs of improving Chinese sentiment.
"Relatively sluggish demand growth is forecast through 2013, as global economic expansion remains tepid," the report said.
According to IEA estimates, non-OPEC production bounced back by 0.7 mln bpd in November to 54 mln bpd after fields in the North Sea and Brazil returned from maintenance.
In 2013 the agency expects non-OPEC output to increase by 0.9 mln bpd to 54.2 mln bpd, which will be the highest growth rate since 2010.
According to the IEA's estimates, OPEC oil supply increased by 75,000 bpd to 31.22 mln bpd in November, led by higher output from Saudi Arabia, Angola, Algeria and Libya.