Azerbaijan, Baku, Dec. 13 / Trend A. Badalova /
Global oil demand will increase by 0.7 million barrels per day to 89 million barrels per day in 2011, and by 1.3 million barrels per day to 90.3 million barrels per day in 2012, the International Energy Agency (IEA) report on oil market says on Thursday.
IEA revised down the forecasts for global oil demand by 0.2 mln bpd for both this and the next year due to a more precarious economic backdrop and weaker data for the fourth quarter of 2011, particularly for OECD Europe.
According to the IEA estimates, global oil supply rose by 0.9 mb/d to 90 mb/d in November from October, driven by lower non-OPEC supply outages. OPEC crude oil supply in November rose to the highest level in more than three years, up by 620 kb/d to 30.68 mb/d, with Saudi Arabia and Libya accounting for 80% of the increase.
IEA predicts non-OPEC supply growth averages 0.1 mb/d for 2011 but rebounds to 1.0 mb/d in 2012.
According to IEA estimates, Global refinery crude throughputs fell by close to 1 mb/d in October, as OECD autumn maintenance hit its seasonal peak and Chinese runs remained weak.
Estimates for the fourth quarter of 2011 are largely unchanged at 75.1 mb/d, rising to 75.8 mb/d in 1Q12.