The International Energy Agency in its Oil Market Report for May raised its global oil demand forecast for this year by 65,000 bpd to 90.6 million bpd, “due mainly to upward revisions to German gasoil data for 2012.” While making the adjustment, the IEA said its outlook for the year-on-year change in oil demand for 2013 was unchanged at 795,000 bpd.
The 2012 adjustment sets the world’s consumption of oil last year at 89.805 million bpd, up more than 1.0 million bpd from 2011 when the demand rate increased 700,000 bpd year-on-year. In its March OMR, IEA said the expected increase in global oil demand this year is less than in non-recessionary years when the consumption growth rate would be closer to 1.4 million bpd.
