Oil Demand Eases in China but Surges in US: Report

Chinese and European demand for oil slowed in April but demand from the US and Pacific zone “counterbalanced” this, the IEA reported yesterday, holding its 2005 demand estimate steady.

The International Energy Agency said in its monthly report that it was keeping its 2005 demand estimate little changed at 84.3 million barrels per day, up 2.2 per cent from the 2004 figure.

The agency said that in the second half of this year, world demand might be weaker than it had expected, and it revised down by 220,000 barrels per day its forecast for demand over the period. Of that amount, 160,000 barrels or nearly two thirds, could be attributed to trends in China, it said.

However, for the fourth quarter of 2005, the IEA raised its estimate of growth of world demand by 200,000 barrels per day to 1.9 million barrels per day.
The Peninsula