IEA sees oil demand growth to pick up
Source: Bloomberg News |
July 13, 2012, Friday
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Print Edition
Print Edition
THE International Energy Agency yesterday forecast a pickup in the world's oil demand growth next year as the global economy recovers, contrasting with a slower rate of expansion projected by OPEC.
World oil consumption will increase by a "relatively muted" 1 million barrels a day, or 1.1 percent, to average 90.9 million a day in 2013, the Paris-based adviser said in its first outlook for the coming year. That's a higher level of growth than the 800,000 barrels a day estimated on Wednesday by the Organization of Petroleum Exporting Countries. Demand in emerging economies will surpass developed nations for the first time ever in 2013, the IEA said.
"It's premised on a fairly muted recovery in economic activity next year, and implies that there's no implosion in the eurozone and the debt crisis is contained," said David Fyfe, head of the IEA's oil industry and markets division. Still, "growth remains well below the pre-credit crunch trend," said the IEA, which advises 28 energy-consuming economies.
The IEA estimated the world economy will improve next year, rising by 3.8 percent, against 3.2 percent projected by OPEC. Developing nations will account for all of next year's oil demand growth, with China taking up 30-40 percent of the gain.
World oil consumption will increase by a "relatively muted" 1 million barrels a day, or 1.1 percent, to average 90.9 million a day in 2013, the Paris-based adviser said in its first outlook for the coming year. That's a higher level of growth than the 800,000 barrels a day estimated on Wednesday by the Organization of Petroleum Exporting Countries. Demand in emerging economies will surpass developed nations for the first time ever in 2013, the IEA said.
"It's premised on a fairly muted recovery in economic activity next year, and implies that there's no implosion in the eurozone and the debt crisis is contained," said David Fyfe, head of the IEA's oil industry and markets division. Still, "growth remains well below the pre-credit crunch trend," said the IEA, which advises 28 energy-consuming economies.
The IEA estimated the world economy will improve next year, rising by 3.8 percent, against 3.2 percent projected by OPEC. Developing nations will account for all of next year's oil demand growth, with China taking up 30-40 percent of the gain.
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