(EnergyAsia, August 27 2010, Friday) — Fears of a ‘double dip’ recession notwithstanding, the International Energy Agency (IEA) has raised its latest forecast for global oil demand by 100,000 b/d to a record 87.9 million b/d in 2011.
In its previous forecast in July, the Paris-based oil watchdog for the developed economies said global oil demand would reach 87.8 million b/d.
The IEA expects world demand to grow by 2.2% to reach 86.6 million b/d in 2010, and by 1.5% to 87.9 million b/d in 2011.
On the supply side, the agency said it expects non-OPEC producers to supply 52.6 million b/d and 52.9 million b/d in 2011.
It reduced the call on OPEC crude and stock change by 100,000 b/d for both years to 28.8 million b/d and 29.1 million b/d, respectively, while demand for OPEC natural gas liquids (NGLs) are forecast to rise by 600,000 b/d to 5.9 million b/d in 2011.