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International Energy Agency lowered global oil demand forecast
Paris-based International Energy Agency released monthly Oil Market Report on August 10 that the agency would lower the average daily global oil demand forecast of this year to 89.5 million barrels, lower than the original projection of 10 million barrels and increases 1.2 million barrels more than the average daily demand in 2010.
Taking the reconstruction of Japan's demand for energy into account, International Energy Agency will increase 100000 barrels of the average daily global oil demand forecast 2012 and by 91.1 barrels per day.
The Agency points out that if the world economy is once again in the doldrums, that is, as the International Monetary Fund predicted, the growth rate is only less than 3% this year and next year, then the daily world oil demand next year will be on the basis of the forecasts were reduced by 0.30 million barrels and 1.30 million barrels.
The report notes that if oil demand this year and next year meets the expectations of low growth (increase of less than 3%), the crude oil supply in international market will be more than demand.
The International Energy Agency thinks that the economic growth of developed economy once again falls into a trough, and then international oil prices may continue to decline.According to statistics, since early August, the market concerns triggered by European and U.S. debt have made the international oil price dropped about 12%.
But the agency cautions that the current economic situation exists numerous uncertainties. In addition, as the military and the political process do not show significant results, Libya can not be estimated resumption of oil exports during the year, so oil tight supply situation is difficult to completely alleviate in short-term.
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