10 July 2008 10:47 [Source: ICIS news]
LONDON (ICIS news)--Global oil demand growth is expected to slow to 860,000 bbl/day in 2009 compared with a growth forecast of 890,000 bbl/day this year, the International Energy Agency (IEA) said its latest monthly oil report on Thursday.
World oil demand was estimated to reach 87.7m bbl/day next year compared with 86.9m bbl/day in 2008, slightly up from its prediction in June.
High oil prices have led to weaker demand from developed countries.
“The contraction in demand is expected to be particularly marked in North America (-380,000 bbl/day), given the weakness of the ?xml:namespace>
“Demand in both
The IEA said that keeping OPEC output steady at June levels until the end of the year would imply an improvement in global stock levels.
"The additional 250,000 bbl/day pledged by
"Moreover, as we head into early 2009, the bunching of new projects should lead to an increase in crude oil spare capacity."
Supply from non-OPEC countries was expected to grow to 640,000 bbl/day in 2009, taking production to 50.6m bbl/day.
OPEC crude supply for June was around 350,000 bbl/day higher than the previous month at 32.4m bbl/day, underpinned by a rise in exports from both
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