IEA Sees Oil Demand Growth In 2014

The International Energy Agency nudged up its global oil demand growth forecast for the year 2014, citing demand strength. Crude oil markets firmed in December on seasonally stronger winter demand in the Atlantic basin, it noted.

The IEA, in its monthly Oil Market Report released Tuesday, moved up its global oil demand forecast for the year 2014 by 1.3 million barrels per day (mbd) on stronger-than-expected 4Q13 global oil demand.

Commenting on the supply, the agency said global oil supplies inched down by 25,000 bd in December to 92.23 mbd, as non-OPEC crude output eased following a seasonal fall in bio-fuel output

Meanwhile, OPEC crude supplies rebounded by 310,000 bd in December to 29.82 mbd, snapping its fourth consecutive monthly decline, the agency said.

The material has been provided by InstaForex Company – www.instaforex.com

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