EIA Revises Up Oil Demand, Prices; China View Holds

The U.S. Energy Information Administration revised higher its second-half 2005 estimates for oil demand and prices from a month ago, citing robust growth expected in 2005 and 2006.

While not as strong as in 2004, world demand growth for crude oil and refined products is sturdy, with the total estimated at 84.9 million barrels a day in the third quarter, 400,000 barrels a day higher than the June forecast, the statistical arm of the Department of Energy said Tuesday.

Fourth-quarter demand is estimated at 87.2 million barrels a day, up 500,000 barrels a day from the June Short-Term Energy Outlook.
Schlumberger