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IEA sees demand for Opec oil lowest in 4 years
- Middle East: Thursday, March 14 - 2013 at 05:18
The International Energy Agency (IEA) has cut its estimates for global oil demand saying the soaring US oil production should be enough to allow consumers to withstand most potential supply shocks, Reuters has reported. The IEA expects non-Opec supply to grow by 1.1 million barrels per day (bpd) in 2013 to 54.5 million bpd, led by North American booming shale oil output. It reduced its estimate for demand for Opec's crude oil in 2013 by 100,000 barrels per day to 29.7 million bpd, the lowest since 2009, reflecting rising competition and a weak global economy. Opec expects US oil supply to rise by 580,000 bpd to 10.59 million bpd in 2013, which it said would be the highest level since 1985. Opec also said demand for its own crude would fall to 29.7 million bpd this year.
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