IEA: Global oil demand revised upwards for 2012

Conglin Xu Senior Editor-Economics Global oil demand estimates for 2012 were revised upward to 89.8 million b/d based on stronger than expected fourth-quarter data, according to the International Energy Agency's latest monthly Oil Market Report. This adjustment was underpinned by an uptick in oil demand seen in China, the US, and Brazil in last year's final quarter, IEA said. Worldwide demand for oil is forecast to be 90.8 million b/d in 2013, a 1% increase over 2012. In December, global supplies fell by 170,000 b/d to 91.2 million b/d, with oil production from member countries in the Organization of Petroleum Exporting Countries down to the lowest level in a year. However, the annual oil...

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