Global oil demand growth at 1.3 mn bpd in 2014: IEA
Global oil demand growth will amount to 1.3 million barrels per day (bpd) in 2014 compared to 1.2 million bpd in 2013, according to the International Energy Agency's (IEA) report on oil market published on January 21.
The global oil demand estimate for the fourth quarter of 2013 was raised by 135,000 bpd on unexpectedly strong US deliveries, partly offset by curtailments in China and elsewhere, the report said.
IEA's estimates show that global supplies inched down by 25,000 bpd month-on-month in December to 92.23 million bpd, with a seasonal fall in biofuel output cutting non-OPEC liquids supplies by 340,000 bpd.
Non-OPEC production grew by 1.63 million bpd year-on-year, partly offset by a 535,000 bpd drop in OPEC crude oil supply.
OPEC crude oil supply rebounded by 310,000 bpd to 29.82 million bpd in December, reversing four months of decline, according to the IEA's estimates.