IEA:
After posting near-zero annual growth in the fourth quarter of 2011,
global oil demand growth will gradually accelerate throughout 2012,
culminating in an increase of 1.2 million b/d by this year’s final
quarter, the International Energy Agency said in its latest monthly oil
market report.
Global oil consumption is set to rise by 800,000 b/d this year to 90
million b/d, unchanged from the agency’s previous report, with gains in
developing countries more than offsetting declining demand within
countries of the Organization for Economic Cooperation and Development.
EIA: The EIA suggests the price of oil to stay "high," despite plenty of supply.
Tension between Iran and the West is likely to keep oil prices high despite a dramatic improvement in world supply and a big build in stocks, the International Energy Agency (IEA) said on Friday.
The agency said global oil supply rose 600,000 barrels per day (bpd) to 91 million bpd in April and was now 3.9 million bpd over year ago levels, with 90 percent of the increase coming from OPEC.
Saudi
Arabia has said it pumped 10.1 million bpd last month, its highest for
more than 30 years, in a bid to meet growing demand and curb oil
prices, which hit a three-and-a-half-year high in March.
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