Global oil demand expected to rise, IEA
Global oil demand is expected to rise 1 million barrels a day next year compared to this year on muted economic recovery but growth still remains “well below” the pre-credit crunch trend, the International Energy Agency said Thursday.
Demand from emerging economies, in particular in Asia, is expected to lead growth in 2013 and will overtake demand in the world’s most industrialized nations, or the OECD, the IEA said in its monthly oil market report that also contains its first forecasts for next year.
“Global oil product demand will average 90.9 million barrels a day in 2013 with non-OECD demand exceeding that for the OECD for the first time ever in second quarter 2013, a trend that is unlikely to be reversed,” the report said.
The IEA forecast the need for oil from the Organization of Petroleum Exporting Countries next year at 30.5 million barrels a day.
For this year, the Paris-based agency made only a slight downward revision to its forecast for global oil demand as the weaker economic backdrop was mostly offset by an upwards adjustment to its base data.
In June, OPEC oil output fell 140,000 barrels a day to 31.8 million barrels a day as near record output from Saudi Arabia helped to offset production declines from Angola and Iran.
Iranian oil output fell 100,000 barrels a day in June compared to May to 3.2 million barrels a day, taking the Islamic Republic’s production near 22-year lows, due to U.S. and European Union sanctions.