IEA Forecasts Growth in Global Oil Demand

The International Energy Agency said in its latest outlook report that global oil demand will grow marginally during 2012, as the net effect of declining demand in developed economies is countered by high demand in emerging markets.

“Non‐OECD oil demand” — that is, demand among countries that do not belong to the Organisation for Economic Co-operation and Development — “will rise by 1.2 million barrels per day (2.8 percent) in 2012, more than offsetting the reduction in OECD consumption of 0.4 million barrels per day (0.8 percent), mimicking the demand trends seen in 2011,” according to IEA’s February Oil Market Report.

Demand is expected to rise roughly 0.9 percent this year to 89.9 million barrels per day. Meanwhile, the IEA report says that supply apprehensions due to the Iranian sanctions are “clearly placing a floor under oil prices for now.”

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