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IEA revises down global oil demand for 2011/12

09-14-2011 08:30 BJT

PARIS, Sept. 13 (Xinhua) -- The International Energy Agency (IEA) revised down global oil demand on Tuesday due to lower demand in emerging countries and feeble recovery in the industrialized economies.

The Paris-based IEA cut its forecast by 0.2 million barrels per day (mb/d) at 89.3 mb/d for 2011 and by 0.4 mb/d at 90.7 mb/d for 2012.

"Global oil demand is revised down ... on lower non-OECD readings and reduced economic growth expectations," IEA said in its monthly oil market report.

According to the projection of the Organization for Economic Cooperation and Development (OECD), global overall output growth is estimated at 3.9 percent in 2011 and at 4.2 percent in 2012 with significant downside risks, including debt crisis in Europe, slack employment in the United States, uncertain reconstruction in Japan and high inflation in emerging economies.

The latest report implied the call for Organization of Petroleum Exporting Countries (OPEC) crude oil output seemed not so urgent for the fourth quarter of 2011 due to weaker demand and the approaching the end of Libya's civil conflict.

The "call" of OPEC production "for 4Q11 has been lowered by 0.2 mb/d to 30.5 mb/d," and "with the end of Libya's civil conflict on the horizon, we have revised up our Libyan capacity outlook for 4Q11 by 0.1 mb/d, to 0.3 mb/d," the IEA said.

The OECD stocks remained tight in August, the oil market watchdog said, "Stocks fell below the five-year average for the first time since the economic recession of 2008."

In the summer, IEA members led by the United States released 60 million barrels of oil stock into the market to drive down soaring oil prices resulted from outage in Libya export. The IEA new chief Maria van der Hoeven said last week the "collective action was adequate" so there would be no more.


Editor:Zhang Rui |Source: Xinhua

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