World oil demand growth to pick up next year: IEA

The growth of world demand for oil will be slightly less than expected this year, the IEA said citing warm weather but it upgraded its outlook for demand growth in 2006.

The IEA said that global demand for oil in 2005 would total 83.4 million barrels per day, rising to 85.2 million barrels per day in 2006 after 82.2 million barrels per day in 2004.
The IEA said that global demand for oil in 2005 would total 83.4 million barrels per day, rising to 85.2 million barrels per day in 2006 after 82.2 million barrels per day in 2004.

The International Energy Agency said that it had revised down its estimate for the growth of world demand this year by 20,000 barrels per day to 1.18 million barrels per day because of “weak global demand in the third and fourth quarters, in part due to warm weather and hurricane-related disruptions”.

But it added: “The temporary nature of these factors, however, should lead demand growth to recover to 1.79 million barrels per day in 2006, a 130,000 barrels-per-day upward revision.”

AFP