2012 global oil demand expected to reach 91 mln bpd: IEA

09:07, July 14, 2011      

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Mainly driven by non-OECD economies, global oil demand in 2012 is expected to rise by 1.5 million barrels per day (bpd) year-on-year to 91 million bpd, the Paris-based International Energy Agency (IEA) said Wednesday in its monthly report.

In contrast to the rising demand in major emerging economies, demand from members of the Organization for Economic Cooperation and Development (OECD) will see slight decline over 2012, according to IEA's oil market report.

For 2011, the agency predicted an estimated global demand to 89.5 million bpd, up by 1.2 million bpd year-on-year with upward demand in non-OECD economies outweighing downward revision in the OECD region.

Comparing with other predictions, IEA's estimation for 2011 was higher than that of the U.S. Energy Information Administration, which expected oil demand to increase 1.6 percent this year to a record 88.16 million bpd.

The OECD area, composed of 34 states including all advanced industrialized countries, were under the pressure of high fuel prices and weaker economy activity, a situation worrying the energy consumption watchdog so much that it has called repeatedly the Organization of the Petroleum Exporting Countries (OPEC) to increase crude supply.

However, the supplier union failed to meet the request in June, as a result, the IEA, led by the United States, announced on June 23 a fourth release of strategic oil reserves in history to ease the market and pull down the prices.

According to the IEA report, the release of 60 million barrels of strategic stocks for an initial 30 days "has helped realign sweet-sour price spreads, distorted by lost Libyan barrels, and flattened earlier Brent backwardation," but the OPEC saw little positive effect of the IEA release in its monthly report released on Tuesday.

On Tuesday, light sweet crude for August delivery perched at 97.43 dollars a barrel on the New York Mercantile Exchange, while Brent crude closed at 117.75 dollars a barrel, both picked up the rising trend after significant setbacks caused by IEA's surprise announcement of the release of strategic oil stocks.

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