IEA forecasts muted global oil demand growth by 1m bbl/day in ‘13

12 July 2012 09:04  [Source: ICIS news]

SINGAPORE (ICIS)--Global oil demand is projected to grow by 1m bbl/day to 90.9m bbl/day in 2013, driven by the requirements of emerging markets, Paris-based International Energy Agency (IEA) said on Thursday.

“Although an acceleration in growth is foreseen, the predicted pace of expansion remains relatively muted at 1m bbl/day,” it said in an oil market report.

The IEA forecasts oil demand this year to be 89.9m bbl/day.

Non-OECD (Organisation for Economic Cooperation and Development) demand, which is estimated at 45.7m bbl/day in 2013 will exceed OECD for the first time, the agency said, citing that this trend is “unlikely” to be reversed.

OECD demand is projected to be 0.6m bbl/day lower than non-OECD, the IEA said.

“Non-OECD Asia is forecast to lead the demand upside in 2013, gaining 2.9% to 21.5 m bbl/day, with strong momentum maintained by highly supportive demographic and economic developments,” it said.

“Large gains also envisaged in oil-rich-producing regions; with former Soviet Union and the Middle East offering respective growth forecasts of 2.4% (to 4.8 m bbl/day) and 2.5% (to 8.3m bbl/day),” the IEA said.

By: Pearl Bantillo
+65 6780 4359

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