Global oil demand revised up by 100,000 bbl/day for 2012, 2013 –IEA

12 September 2012 09:22  [Source: ICIS news]

SINGAPORE (ICIS)--The International Energy Agency has raised its global oil demand projection by 100,000 bbl/day to 89.8m bbl/day for 2012 and to 90.6m bbl/day for 2013, but this is mostly caused by data revisions in 2011.

Its demand growth forecasts are little changed at around 800,000 bbl/day for the two years, it said in its oil markets report.

IEA said that oil demand in the second quarter grew by 1.2m bbl/day, buoyed by Japanese utility burning fuel to produce power after idling nuclear generators.

Global oil supply in August fell by 100,000 bbl/day from the previous month to 90.8m bbl/day, it said.

The IEA said that crude oil imports from Iran are estimated to have inched up in August to 1.1 m bbl/day from below 1m bbl/day in July, while non-OPEC annual supply growth slowed to just 200,000 bbl/day in the third quarter.

In the current quarter, the IEA expects the “call on OPEC crude and stock change” to rise by 1.3m bbl/day to 31.1m bb/day, “on the back of a seasonal, quarter-on-quarter uptick in demand of 1.4 m bbl/day”.

By: Pearl Bantillo
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