World oil demand growth will rise by approximately 60,000 barrels per day (bpd) to 930,000 bpd in 2009 as consumption in non-OECD countries increases, the International Energy Agency said today.
Compared with its previous monthly report, it also nudged up its expectations for demand in 2009 by 70,000 bpd to 87.8 million bpd and said its outlook for 2008 was virtually unchanged.
Stock levels in developed countries fell by 15.3 million barrels in June, the IEA's monthly report found, but for July, supplies increased from both Opec and non-Opec sources.
Opec July crude supplies rose by 145,000 bpd to 32.8 million bpd, as Saudi Arabia, Nigeria and Iran all produced more oil, while supplies from Norway, Canada, Argentina and Brazil underpinned non-Opec growth of 520,000 bpd.
Growth in non-Opec output now averages 455,000 bpd for 2008 and 655,000 bpd for 2009.
Effective Opec spare capacity is a slim at 1.5 million bpd, but should rise at the end of this year and into next year, the IEA said.
Reuters