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13 July 2010 at 17:55 IST
IEA predicts 1.6% rise in global oil demand in 2011
MUMBAI (Commodity Online): Global crude oil demand is forecasted to rise by 1.6% in 2011 while the demand for 2010 is left unchanged at 86.5 mbd, said the International Energy Agency (IEA) in its monthly report released Tuesday.
The expected growth in demand is entirely depends upon non-OECD nations where the demand is noted increasing gradually. However, growth rate is expected to be slower in 2011 as against the current year due to increased fuel efficiency in the industrialized nations.
The IEA projected that OPEC crude capacity is unlikely to see much of an expansion, while seeing non-OPEC supply rising by 0.4 mbd in 2011 to 52.8 mbd. The IEA revised up its 'call on OPEC crude and stock change' for 2010 by 100 kbd, to 28.8 mbd. Stockpiles are expected to average 29.2 mbd in both 3Q10 and 2011.
On the inventory front, the IEA said OECD stocks rose in May for a second month, by a combined 35.0 mb, reaching 2,757 mb or 61.0 days of forward demand cover. Based on preliminary data, the agency estimates a further 3.5 mb build in the OECD in June.
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