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Oil demand growth to rise in 2015, IEA highlights Mideast and N. Africa supply risks

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Oil demand growth to rise in 2015, IEA highlights Mideast and N. Africa supply risks

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Demand for oil will continue to accelerate next year as the world’s economy expands, according to the International Energy Agency

The organisation, which advises major consuming nations on energy policy, said that demand will again be met by rising supplies from the United States and Canada, further eroding OPEC’s market share.

But the IEA experts are also warning that risks to oil production in several regions remained acute.

In their monthly report they pointed to “extraordinarily high” supply risks in the Middle East and North Africa, particular in Iraq and Libya.

Making its first forecasts for 2015 in a monthly report, the IEA which advises major consuming nations on energy policy, said it expected global oil demand to grow by 1.4 million barrels per day next year, up from 1.2 million this year.

“Newly industrialised and emerging market economies are once again forecast to lead the gains,” it said.

“The US and Canada remain the mainstays for growth, but sources are expected to be more diverse than in 2014,” said the IEA, naming Brazil, Britain, Vietnam, Malaysia, Norway and Columbia among countries which will grow output in 2015.

with Reuters