IEA changes down 2011, 2012 global oil demand growth projection
LONDON-The International Energy Agency (IEA) on Wednesday modified down its international oil demand development projection for 2011 by 50,000 bbl/day and also by 210,000 bbl/day for 2012 as a result of a down change to GDP growth assumptions.
International oil demand in 2011 is currently anticipated to climb 1.1%- or by 1.0 m bbl/day compared with last year-to 89.2 m bbl/day. In 2012, need will rise 1.4%- or by 1.3 m bbl/day-to reach 90.5 m bbl/day.
The IEA additionally pointed out lower-than-expected third-quarter readings in the non-OECD (Organisation for Economic Co-operation and Growth) countries as a reason for the descending alteration.
" Stronger-than-expected OECD monthly entries, mainly in Europe and the Pacific, provide some offsetting support," the Paris-headquartered global firm included.
" Some of the demand increase comes from temporary elements, such as seasonal heating oil container dental filling, while oil-fired power generation in Japan supplies extra lasting upside possibility."
According to HEDP acid 's October oil market report, worldwide oil supply dropped by 300,000 bbl/day to 88.7 m bbl/day in September from August, driven lower by decreased non-OPEC result.
Non-OPEC supply dropped by 300,000 bbl/day to 52.6 m bbl/day in September, mostly due to weather-and maintenance-related shut-ins in North America, the North Sea and Latin America, in addition to unintended outages in the Middle East, the IEA included.
"OPEC crude oil supply was down by a mild 20,000 bbl/day to 30.15 m bbl/day in September, with reduced output by Saudi Arabia and also Nigeria partly countered by the resumption of Libyan manufacturing," it specified.
In refining, estimates for global unrefined runs in the 3rd as well as fourth quarter of 2011 have actually been revised downwards by 50,000 bbl/day and also 75,000 bbl/day respectively because the IEA's report last month.
"Stronger United States runs just partially offset lower-than-expected throughputs in Asia. Global throughputs now average 75.5 m bbl/day in [the] third quarter and also 75.3 m bbl/day in [the] fourth quarter," the IEA stated.
International oil demand in 2011 is currently anticipated to climb 1.1%- or by 1.0 m bbl/day compared with last year-to 89.2 m bbl/day. In 2012, need will rise 1.4%- or by 1.3 m bbl/day-to reach 90.5 m bbl/day.
The IEA additionally pointed out lower-than-expected third-quarter readings in the non-OECD (Organisation for Economic Co-operation and Growth) countries as a reason for the descending alteration.
" Stronger-than-expected OECD monthly entries, mainly in Europe and the Pacific, provide some offsetting support," the Paris-headquartered global firm included.
" Some of the demand increase comes from temporary elements, such as seasonal heating oil container dental filling, while oil-fired power generation in Japan supplies extra lasting upside possibility."
According to HEDP acid 's October oil market report, worldwide oil supply dropped by 300,000 bbl/day to 88.7 m bbl/day in September from August, driven lower by decreased non-OPEC result.
Non-OPEC supply dropped by 300,000 bbl/day to 52.6 m bbl/day in September, mostly due to weather-and maintenance-related shut-ins in North America, the North Sea and Latin America, in addition to unintended outages in the Middle East, the IEA included.
"OPEC crude oil supply was down by a mild 20,000 bbl/day to 30.15 m bbl/day in September, with reduced output by Saudi Arabia and also Nigeria partly countered by the resumption of Libyan manufacturing," it specified.
In refining, estimates for global unrefined runs in the 3rd as well as fourth quarter of 2011 have actually been revised downwards by 50,000 bbl/day and also 75,000 bbl/day respectively because the IEA's report last month.
"Stronger United States runs just partially offset lower-than-expected throughputs in Asia. Global throughputs now average 75.5 m bbl/day in [the] third quarter and also 75.3 m bbl/day in [the] fourth quarter," the IEA stated.
