IEA keeps global oil demand forecasts unchanged
Baku, Azerbaijan, Nov. 14
By Aygun Badalova - Trend:
International Energy Agency (IEA) kept its global oil demand estimates for 2014 and 2015 unchanged at 92.4 million barrels per day (bpd) and 93.6 million bpd respectively, the agency's Nov. 2014 Oil Market report said.
"Projected growth will increase from a five-year annual low of 680,000 bpd in 2014 to an estimated 1.1 million bpd next year as the macroeconomic backdrop is expected to improve," said the report.
Global oil supply inched up by 35,000 bpd in October to 94.2 million bpd, according to the EIA's estimates.
Compared with one year ago, total supply was 2.7 million bpd higher as higher OPEC production added to non-OPEC supply growth of 1.8 million bpd.
Non-OPEC production growth is forecast by the IEA to ease to 1.3 million bpd for 2015 from this year's 1.8 million bpd high.
OPEC output eased by 150,000 bpd in October to 30.60 million bpd, according to the IEA's estimates. This level remains well above the group's official 30 million bpd supply target.
OPEC states' oil ministers will meet on 27 November against the backdrop of a 30 percent price decline since they last gathered in June.