(EnergyAsia, May 28 2012 Monday) — Driven by the emerging economies, global oil demand will rise by 0.9% to 90 million b/d this year, said the International Energy Agency (IEA).
“Global oil consumption is set to rise by 0.8 million b/d in 2012, to 90 mbd, with gains in the non-OECD more than offsetting declining OECD demand,” said the Paris-based agency.

It expects non‐OECD demand to rise from 43.5 million b/d to 44.8 million b/d, while OECD demand to fall from 45.6 million b/d to 45.2 million b/d.

China will again lead global oil demand growth, its consumption rising by 400,000 b/d to reach 9.9 million b/d.

Japan’s demand will buck the falling trend in the developed economies, rising by 40,000 b/d to 4.5 million b/d.

Europe’s demand is seen falling by 300,000 b/d to 13.9 million b/d while the US market will shrink by 200,000 b/d to 18.7 million b/d.  

“After posting near-zero annual growth in 4Q11, global demand growth is forecast to gradually accelerate throughout 2012, culminating in an expansion of 1.2 million b/d by the fourth quarter of 2012,” said the IEA.