Print

Mail

wiki links

IEA's latest forecast predicts oil demand to rise slightly next year

The growth of world demand for oil will be slightly less than expected this year, the IEA said yesterday citing warm weather but it upgraded its outlook for demand growth next year.

The agency revised upwards its estimate for demand for OPEC oil for next year to 28.5 million barrels per day from 28.4 million barrels per day this year, a figure adjusted upwards by 0.1 million barrels. It said that OPEC spare capacity remained at about 2 million barrels per day.

In a long-range assessment of demand and supply factors in the oil market, the IEA said that the "forecast evolution in non-OPEC supply and OPEC capacity are both calming and sobering."

"Expectations of a higher trend in oil demand growth appear justified as non-OECD economies take a larger share of the world oil market. But there appear to be enough supply-side projects to match that growth," the agency said.

The IEA said that global demand for oil this year would total 83.4 million barrels per day, rising to 85.2 million barrels per day next year after 82.2 million barrels per day last year. Demand would show growth of 1.4 percent this year and 2.2 percent next year.
This story has been viewed 1226 times.