IEA lifts 2004, 2005 demand estimates

The International Energy Agency increased its 2004 and 2005 estimates of world oil demand by 300,000 b/d due to growth in the Middle East and Asia.“On the whole, 2004 demand is increased by 310,000 b/d. In most cases this adjustment is extended through to subsequent years, so the underlying growth picture remains largely unchanged,” IEA officials explained.The adjustments were not in China, where demand has been booming since 2004. “The UAE accounts for just under half of the 2004 revision, in large part due to an adjustment in bunkers’ demand. Indonesia also posted unexpectedly strong growth in 2004, and demand is revised up by some 60,000 b/d,” IEA reported...

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