Global oil demand will grow by more than previously expected in
2015, driven mainly by colder temperatures and a steadily improving
global economic backdrop, the West's energy watchdog said
Wednesday.
In its monthly oil-market report, the International Energy
Agency revised its demand growth estimate for 2015 up by 90,000
barrels a day to 93.6 million barrels a day--a gain of 1.1 million
barrels a day on the year--due to additional demand to heat homes,
offices and other buildings in most economies of the Organization
for Economic Cooperation and Development.
The Paris-based agency, which advises industrialized nations on
oil policies, said the gain was a notable acceleration on last
year's 700,000 barrels a day growth.
Output from the Organization of the Petroleum Exporting
Countries rose by 890,000 barrels a day in March to a nearly
two-year high of 31.02 million a day a day, as Saudi Arabia pushed
output to record levels and supplies recovered in Iraq and Libya,
the report said.
Crude oil supplies in the kingdom, the world's largest exporter
and OPEC's de facto leader, rose by 390,000 barrels a day in March
to an average 10.01 million barrels, the highest level since
September 2013, the IEA said.
Outlook for demand for crude from OPEC's 12 members, or "call on
OPEC," in the second half of this year will reach 30.35 million
barrels a day, slightly higher than last month's estimate.
The agency estimates that the call on OPEC will average 29.5
million barrels a day this year.
Write to Summer Said at summer.said@wsj.com
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