IEA revises downward global oil demand for 2005.
The International Energy Agency on Thursday revised downward its forecast of global oil demand for 2005 from 83.4 million barrels per day to 83.3 million barrels per day.
In the Oil Market Report released Thursday, the agency said that demand in the Organization for Economic Cooperation and Development member states will rise month-to-month by 0.6 percent in November and 1 percent in December.
The agency analyzed that the recent damage brought by the hurricane in the United States was almost overcome, saying, ''The flexibility of the world refining system was demonstrated as OECD refinery throughputs rose 59,000 barrels per day year-on-year in September to 38.5 million barrels per day.''
The report said unusually warm weather and hurricane-related disruptions temporarily reduced OECD demand in September and October. But this was ''partly offset by an 8.6 percent increase in Chinese apparent demand in September as monthly gasoline exports fell sharply,'' it said.
The report said global oil supply rose by 865,000 barrels per day to 84.4 million barrels per day on increases from North America, the North Sea, countries in the former Soviet Union and Brazil.
The report said crude supply from the Organization of Petroleum Exporting Countries remained at 29.6 million barrels per day in October as increases from Iran and Kuwait offset a 220,000 barrels per day decline in Iraq.
Founded in 1974 under the framework of the OECD, the IEA includes 26 of the OECD's 30 member countries.
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|Publication:||Japan Energy Scan|
|Date:||Nov 14, 2005|
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