Mumbai: The United Arab Emirates (UAE) has total oil reserves of around 98 billion barrels of crude and, at current rates of exploitation, the stocks would last 92 years, the International Energy Agency (IEA) said in a report.

UAE, which contributes about 7.9 per cent of the world's total stocks, saw its average crude output rise 1.53 per cent to 2.66 million barrels per day (bdp) for the quarter ended June, compared to the January-March quarter, IEA said in its report .

OPEC's main producers in the Middle East have total oil reserves of  755 billion barrels, or 61 per cent of the world's total, while the global oil reserves amounted to 1.24 trillion barrels, according to IEA data.

The IEA slightly raised its 2008 world oil demand growth forecast but said global crude consumption will remain well below trend in 2009.

Lower economic growth and high oil prices have steadily eroded crude consumption in developed markets like the US and Europe, but healthy economic activity in emerging nations has helped make up the difference, it said.

The tension on oil markets will ease by early next year amid a US slowdown, the IEA forecast, noting strong output by OPEC this year.

The IEA said that despite uncertainty on the length of the US downturn, demand in advanced countries seemed to be on a weaker trend although it forecast a global increase in demand of 1.0 per cent next year.

Oil demand in Asia, the Middle East and Latin America, would remain robust, fuelled by vibrant economic momentum and continued low fuel prices, IEA said.

The agency expects supplies by both OPEC and non-OPEC producers to remain strong in late 2008 and rise next year.

Global demand for oil is expected to rise by 80,000 barrels a day to 87.7 million barrels a day next year, an increase of one per cent from the level of 86.9 million barrels a day forecast for 2008 and roughly the same percentage rise from 2007 to what is foreseen this year. 

Oil demand in advanced economies is projected to average 48 million barrels a day in 2009, a decline of 1.2 per cent from 2008.

US demand is expected to contract by 2.8 per cent this year and 1.9 per cent in 2009, according to IEA.

Demand in the Organisation for Economic Cooperation and Development as a whole, however, has been projected to grow at about 3.8 per cent in 2008 and 2009.

China's demand will increase by 5.6 per cent in 2008 compared with the 2007 and at a roughly similar pace in 2009.

The report found that while demand would strengthen in 2009, supply, especially by OPEC, has been strong. That suggested that once the 2008-2009 winter is over, market tensions could diminish, IEA said.