IEA increases oil demand outlook

03/21/2005
The International Energy Agency on Mar. 11 raised its global oil demand forecast by 330,000 b/d to 84.3 million b/d for 2005, a 2.2% annual growth rate, because of “very cold weather in late February and early March, a more robust view of US economic growth, and the impact of this and other factors on China’s oil demand growth prospects.”As a result, IEA increased its estimate of the call for crude from the Organization of Petroleum Exporting Counties by 200,000 b/d from its last projection to a total 28.6 million b/d this year, with the addition being “most pronounced in the first half of 2005 before higher non-OPEC output takes effect.” That means upward pr...
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