Global oil demand will rise by 1.67 million barrels per day (bpd) in 2010, 100,000 bpd more than previously forecast, the International Energy Agency (IEA) said on Tuesday. The Paris-based adviser to 28 industrialised economies said in its monthly Oil Market Report that world oil demand will reach 86.60 million bpd this year, up from 84.93 million in 2009.
But the extra demand will largely be met by production from outside the Organization of the Petroleum Exporting Countries with non-OPEC output rising 220,000 bpd to around 52.0 million bpd due to higher output by OECD countries. The IEA estimated demand this year for OPEC crude and stocks would fall by 200,000 bpd to 29.1 million bpd.
Total OPEC production declined in March, the IEA said, but this was largely due to a fall in production by Iraq, which is not bound by OPEC output targets. It said production by the 11 OPEC countries bound by OPEC output targets rose by 30,000 bpd, taking their compliance as a group with promised output cuts to around 55 percent at the end of March, down from its previous estimate of 56 percent at the end of February.
