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Wednesday, August 11, 1999

World oil demand to accelerate 

REUTERS  
London, Aug 10: World oil demand growth is set to accelerate sharply next year from the slow increases of the past two years while non-OPEC supplies will rise only modestly, the International Energy Agency (IEA) said on Tuesday.

Initial estimates for oil demand in 2000 showed growth of 1.8 million barrels per day (bpd) to 77 million, double the 900,000 bpd increase this year, the agency said in its monthly Oil Market Report.

``A first look at world oil demand in the year 2000 shows a very different picture from the last two years, with the demand focus returning to non-OECD countries,'' said the IEA.

It said that after marginal year-on-year growth in oil consumption in the first half of 1999, demand growth would resume in the third quarter and accelerate in the final months of this year by a large 2.5 million bpd.

Oil demand next year would include 950,000 bpd growth in the industrialised countries of the OECD to 47.72 million and 880,000 bpd of non-OECD increases, the IEA said.

It projected stable growth of 460,000 bpd in North America, an increase to 330,000 bpd of growth in OECD Europe and a slightly lower annual increase of 160,000 bpd in OECD Pacific countries.

China and other developing Asian countries were likely to record the largest demand increases next year.

Chinese demand was set to go up by 160,000 bpd to 4.27 million and non-OECD Asian countries by 290,000 bpd to 6.98 million.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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