IEA sees modest oil demand hike in 2013

In light of muted economic recovery, global oil demand in 2013 will increase by 1 million b/d to average 90.9 million b/d, the International Energy Agency said in its latest monthly Oil Market Report. For the first time, demand in developing countries will overtake demand in the Organization for Economic Cooperation and Development (OECD). The agency pegs 2012 demand growth at 800,000 b/d, or 15,000 b/d lower that its expectation a month ago with a weaker economic backdrop. As well as providing all of next year's growth, non-OECD demand overtakes that of the OECD from the second quarter of 2013 onwards, a phenomenon already observed in the refining sector, where non-OECD throughputs have ...

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