Global oil demand to increase in 2012,says IEA
14 Jul 2011
Global oil demand is set to increase in 2012, the International Energy Agency (IEA) said yesterday in its Oil Market Report projections for 2012.
Global oil demand is expected to rise by 1.5 million barrels per day (mbpd) to 91 million bpd next year, the IEA said, disagreeing with the OPEC prediction of downward momentum with regard to the level of oil demand in the near future of slowing growth.
The IEA, which represents the main oil consuming nations, said the increase in crude usage would continue to be driven by emerging economies
It estimates that demand will grow by an average of 1.47 million barrels a day in 2012, up from the current 2011 average daily growth of 1.2 million.
Global refinery throughputs are set to increase by 2.3 mbpd to 75.9 mbpd from Q2 2011 to Q3 2011, said IEA.
IEA says OPEC is likely to struggle to maintain oil capacity until Libyan supply starts to recover in H2 2012 and sees OPEC capacity at a low point in Q1 2012.
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