12 October 2011 12:23 [Source: ICIS news]
LONDON (ICIS)--The International Energy Agency (IEA) on Wednesday revised down its global oil demand growth forecast for 2011 by 50,000 bbl/day and by 210,000 bbl/day for 2012 because of a downward adjustment to GDP growth assumptions.
Global oil demand in 2011 is now expected to rise 1.1% – or by 1.0m bbl/day compared with last year – to 89.2m bbl/day. In 2012, demand will rise 1.4% – or by 1.3m bbl/day – to reach 90.5m bbl/day.
The IEA also cited lower-than-expected third-quarter readings in the non-OECD (Organisation for Economic Co-operation and Development) nations as a reason for the downward revision.
“Stronger-than-expected OECD monthly submissions, primarily in ?xml:namespace>
“Some of the demand boost stems from temporary factors, such as seasonal heating oil tank filling, while oil-fired power generation in
According to the IEA’s October oil market report, global oil supply fell by 300,000 bbl/day to 88.7m bbl/day in September from August, driven lower by reduced non-OPEC output.
Non-OPEC supply fell by 300,000 bbl/day to 52.6m bbl/day in September, largely because of weather- and maintenance-related shut-ins in North America, the North Sea and Latin America, as well as unplanned outages in the
“OPEC crude oil supply was down by a slight 20,000 bbl/day to 30.15m bbl/day in September, with lower output by
In refining, estimates for global crude runs in the third and fourth quarter of 2011 have been revised downwards by 50,000 bbl/day and 75,000 bbl/day respectively since the IEA’s report last month.
“Stronger US runs only partly offset lower-than-expected throughputs in
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