IEA cuts forecast for global oil demand
Source: Bloomberg News |
August 11, 2012, Saturday
|
Print Edition
Print Edition
THE International Energy Agency yesterday cut global oil demand forecasts for this year and next, estimating growth will slow in 2013 amid weaker expectations for the economy and the restart of nuclear plants in Japan.
The Paris-based adviser, which last month predicted a pickup in demand for next year, estimated that growth in world oil use will decelerate to 800,000 barrels a day, or 0.9 percent, in 2013 from 900,000 a day, or 1 percent, this year. Global demand will average 90.5 million barrels a day next year, or 400,000 a day less than estimated last month as a result of revisions to data since 2010.
"A relatively subdued global oil demand forecast persists for both 2012 and 2013, resulting from the weak economic backdrop," the agency said in its monthly report. "Demand growth will likely fall in 2013, as the stronger macro-economic outlook is offset by, among other reasons, the resumption of nuclear capacity in Japan, reducing prospective oil needs from the power sector."
World economic expansion in 2013, while expected to be faster than this year, was forecast at 3.6 percent by the agency, compared with 3.8 percent in last month's report. Japanese crude demand will fall 3 percent in 2013 as the country reactivates nuclear capacity halted since last year's meltdown at the Fukushima Dai-Ichi power plant.
Oil demand in Japan will slide by 140,000 barrels a day to 4.5 million in 2013, according to the IEA. China's consumption is forecast to rise 2.8 percent next year to 9.75 million barrels a day.
In the agency's first assessment of 2013, it predicted global demand growth of 1 million barrels a day.
The Paris-based adviser, which last month predicted a pickup in demand for next year, estimated that growth in world oil use will decelerate to 800,000 barrels a day, or 0.9 percent, in 2013 from 900,000 a day, or 1 percent, this year. Global demand will average 90.5 million barrels a day next year, or 400,000 a day less than estimated last month as a result of revisions to data since 2010.
"A relatively subdued global oil demand forecast persists for both 2012 and 2013, resulting from the weak economic backdrop," the agency said in its monthly report. "Demand growth will likely fall in 2013, as the stronger macro-economic outlook is offset by, among other reasons, the resumption of nuclear capacity in Japan, reducing prospective oil needs from the power sector."
World economic expansion in 2013, while expected to be faster than this year, was forecast at 3.6 percent by the agency, compared with 3.8 percent in last month's report. Japanese crude demand will fall 3 percent in 2013 as the country reactivates nuclear capacity halted since last year's meltdown at the Fukushima Dai-Ichi power plant.
Oil demand in Japan will slide by 140,000 barrels a day to 4.5 million in 2013, according to the IEA. China's consumption is forecast to rise 2.8 percent next year to 9.75 million barrels a day.
In the agency's first assessment of 2013, it predicted global demand growth of 1 million barrels a day.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
