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Recovery is boosting oil demand says International Energy Agency


economy

Recovery is boosting oil demand says International Energy Agency

Global oil demand will rise more quickly than previously forecast this year as economic growth in industrialised countries accelerates, according to the International Energy Agency.

The IEA – which advises most of the largest energy-consuming countries on energy policy – said a majority of leading economies are now largely free from the restraints of recession.

It predicts consumption of crude will increase by 1.3 million barrels per day this year to a total of 92.5 million barrels per day, up from 91.2 million last year and 90 million in 2012.

The IEA said rising US crude production helped balance the effects of supply disruptions among some OPEC countries last year.

US shale oil production has reached record highs, but this year OPEC will also have to pump more to meet increasing demand.

Last year, political unrest led to a plunge in Libyan exports, at times to less than 10 percent of capacity, and more Iranian barrels disappeared from the market due to sanctions.

But OPEC crude oil supply edged higher in December, reversing four months of declines, the IEA said, with Saudi Arabia and the United Arab Emirates leading the increase. Libya saw a modest rise, and Iraq was the only member to post a fall.

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