IEA revises up global oil demand forecasts
Global oil demand will increase by 930,000 barrels per day (bpd) to 90.8 million bpd in 2013, the IEA's report on oil market, published on Thursday said, Trend news agency reported.
This figure is 240,000 more than in last month's report.
IEA said that a raised demand estimate for the fourth quarter of 2012 and heightened expectations for China are the main contributors to upward revision.
According to the IEA's estimates, global oil supplies fell by 170,000 bpd to 91.2 million bpd in December 2012 with the non-OPEC production rebounded by 90,000 bpd from the prior month to 54.2 million bpd.
Oil production in non-OPEC countries is expected by IEA to increase by 590,000 bpd in the first quarter of 2013.
For 2013, non-OPEC production is projected to rise by 980,000 bpd to 54.3 million bpd, which is the highest growth rate since 2010.
OPEC oil supply, according to the IEA's estimates, in December fell to its lowest level in a year at 30.65 million bpd on lower output from Saudi Arabia and Iraq.