IEA revises up forecasts on global oil demand
International Energy Agency (IEA) has raised its global oil demand projections for 2012 and 2013 to 89.8 million barrels per day (bpd) and 90.69 million bpd respectively.
According to the IEA's report on the oil market, published on Wednesday, the oil demand grew 1.2 million bpd in the first quarter of 2012.
The IEA estimates that world oil supply fell by 0.1 million bpd to 90.8 million bpd in August.
"OPEC liquids production growth, led by Nigeria, Angola and Iraq, failed fully to offset unplanned outages in non-OPEC countries," the report said.
Non-OPEC annual supply growth, according to the estimates, slowed to just 0.2 million bpd in the third quarter of 2012.
Oil imports from Iran are estimated to have inched up in August to 1.1 million bpd, from below 1 mllion bpd in July.
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