Posted On: 05/23/2014 10:18:01 AM
Post# of 36265
$GFOX - The IEA has stated that global oil demand in 2014 will be higher than previously forecast, after consumption in the US rebounded to its strongest level in five years.
It has estimated that demand will increase by 1.2 million barrels a day (mb/d), or 1.3%, to 92.4 mb/d in 2014. The organization notes that global oil demand growth appears to have gradually gained momentum since mid-2012, driven by economic recovery in the developed world. Oil demand growth ramped up from a low point of 0.6 mb/d year‐on‐year (y‐o‐y) in Q3 2012 to a recent high water mark of 1.5 mb/d in Q3 2013.
It added the key to this change was a trend reversal in Organisation for Economic Co-operation and Development (OECD) demand. Having contracted by as much as 1.0 mb/d y‐o‐y in Q3 2012, a year later it swung back into growth of 340 kb/d y‐o‐y, led by the Americas and Europe. Most OECD economies have by now largely exited the restraints of recession, with strong gains in some countries in the energy‐intensive manufacturing and petrochemical sectors.
It has estimated that demand will increase by 1.2 million barrels a day (mb/d), or 1.3%, to 92.4 mb/d in 2014. The organization notes that global oil demand growth appears to have gradually gained momentum since mid-2012, driven by economic recovery in the developed world. Oil demand growth ramped up from a low point of 0.6 mb/d year‐on‐year (y‐o‐y) in Q3 2012 to a recent high water mark of 1.5 mb/d in Q3 2013.
It added the key to this change was a trend reversal in Organisation for Economic Co-operation and Development (OECD) demand. Having contracted by as much as 1.0 mb/d y‐o‐y in Q3 2012, a year later it swung back into growth of 340 kb/d y‐o‐y, led by the Americas and Europe. Most OECD economies have by now largely exited the restraints of recession, with strong gains in some countries in the energy‐intensive manufacturing and petrochemical sectors.
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