Global oil demand set to rise faster: IEA
Print Edition
Global oil demand will rise faster than expected this year, the IEA forecast yesterday, reporting that consumption accelerated at the end of last year as advanced economies led by the United States recovered.
But growth of Chinese demand slowed down in the second half of 2013, the International Energy Agency said.
Highlighting huge changes in the undercurrents of the oil market despite stable prices, the IEA said that emerging economies were now driving growth of oil demand, but its monthly report focused strongly on a huge rise in US output.
This was accelerating debate about whether or not the US should lift a ban dating from the oil shocks of the 1970s on the export of oil, according to the IEA.
In the 34 countries belonging to the OECD group of advanced democracies, and for the first time since 2010, “demand appears to have swung back into growth in 2013,” the IEA said in its monthly report.
It raised its estimate of global demand for oil in the last quarter of 2013 by 135,000 barrels per day to 91.2 million barrels per day “led by a significant upward revision of 700,000 bpd to the US demand assessment pegged to industrial fuels.”
That was an increase of 40,000 bpd from the IEA’s estimate in December and was equivalent to a gain of 1.2 million bpd or 1.4 percent in 2013.
“Momentum is forecast to accelerate modestly to 1.3 million bpd in 2014,” the agency said.
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