Global oil demand 'set for 2015 boost'

Building barrels: IEA predicts economy will lift oil demand

Global oil demand is set to accelerate next year thanks to improving macro-economic conditions, the International Energy Agency has predicted.

In its latest monthly outlook, the Paris-based inter-governmental energy advisors said that daily growth would rise from 1.2 million barrels per day this year to 1.5 million bpd in 2015 as the global downturn continues to recede.

The IEA made the prediction despite shaving 130,000 bpd off its estimates for this year’s overall demand to 92.7 million bpd for this year on foot of “weaker‐than‐expected mid‐year economic data”. 

OPEC supplies were virtually unchanged in June at 30.03 million bpd as lower Iraqi production offset gains in Saudi Arabia, Iran, Nigeria and Angola, according to the agency.

It said the ‘call’ on OPEC for 2H14 was cut by 350,000 bpd to 30.6 million bpd  on improved non‐OPEC supply and lower demand, and is forecast to dip to 29.8 million bpd in 2015 from 29.9 million bpd in 2014. 

Non‐OPEC supply is forecast to grow by 1.2 million bpd in 2015, down slightly on 2013 and 2014 forecast levels, the report said.

Global supplies were largely unchanged month‐on‐month in June, at 92.6 million bpd, but 995,000 higher than a year ago, the IEA data showed.

Annual non‐OPEC output growth of 1.7 million bpd more than offset OPEC declines of 765,000 bpd.

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