The world’s energy watchdog says global oil markets are set for increase over the next few months as demand returns to growth among industrialised countries.
The International Energy Agency has revised estimates for global oil demand, expecting overall demand for 2013 to have increased by 145,000 barrels per day to 1.2million boed.
It also expects demand in 2014 to be at the same levels, revising its previous estimates up by 110,000 boed to 1.2million.
The figures, coming as the Paris-based watchdog releases its latest monthly review of the industry, show a return to growth for oil demand in the second quarter of the year, after eight consecutive quarters of decline.
“Consumption growth has since been gaining momentum,” it said.
“Oil markets participants have been bracing themselves for a soft patch in the first quarter.
“But upside risk to oil markets, from both the supply and the demand sides, is proving remarkably persistent.”
Crude supplies from OPEC countries dropped by around 160,000 barrels a day last month, the fourth month in a row that output from the block had declined.
Ongoing disruptions in Libya, along with smaller drops in Nigeria, Kuwait and Venezuela undermined the higher output in Iran, Iraq and Angola, leading the IEA to raise its estimate for OPEC oil demand by 200,000 barrels to 29.3million boed.
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