IEA: Global demand for fourth quarter 2013 revised upward

01/27/2014
Global oil consumption during fourth-quarter 2013 was adjusted to 92.1 million b/d, according to the International Energy Agency's most recent Oil Market Report. The total, which marks a 135,000-b/d upward revision from last month's OMR report, was adjusted because of exceptionally strong US demand since October, partly offset by reduced Chinese fourth-quarter 2013 demand. Global demand for 2014 is expected to rise by 1.3 million b/d to 92.5 million b/d from the 1.2 million b/d rise now envisaged for 2013, to 91.2 million b/d, "an acceleration supported by the likelihood of stronger macroeconomic momentum as the year progresses, IEA said. Led by Saudi Arabia and the UAE, crude oil su...
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