LONDON(Commodity Online): Global oil demand is expected to rebound in 2013, rising by 1.0 mn barrels per day(mb/d), compared to 0.8 mb/d in 2012, says International Energy Agency (IEA) in its monthly report for July.
IEA expects that the glum economic situation will improve next year, although it may not be able to reach the levels attained before the 2008 financial meltdown. As the report says,?muted economic recovery in 2013 supports a 1 million barrels per day rise in oil demand.?
The report, which includes IEA's first forecast for 2013, says that global oil demand will be 1.1% higher than 2012, averaging 90.9 million barrels a day.
The report says,?Growth in non-OPEC supply (+0.7 mb/d in 2013) plus 0.3 mb/d of incremental OPEC natural gas liquids, should match demand growth, leaving an underlying ?call on OPEC crude and stock change? for 2013 that is identical to 2012?s level of 30.5 mb/d.?
It adds,"Global oil product demand will average 90.9 million barrels per day (bpd) for 2013, with non-OECD demand exceeding that for the OECD for the first time ever in [the second quarter of next year], a trend that is unlikely to be reversed.?
Non-OECD demand is forecast to be 45.7 million bpd next year, 600,000 bpd more than OECD demand, according to the IEA.
However, OPEC had predicted a slower growth demand for next year in its monthly report for July.
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