14/07/2010
Energy Agency: slowing demand on oil in 2011
The International Energy Agency (IEA) said in its monthly oil market report yesterday that the growth in global demand for oil will slow down over the next year.
According to the Agency in its first estimate for oil demand in 2011 reported that global demand for oil will grow by 1.35 million barrels per day over the next year up to 87.84 million barrels per day.
The report said in a brief that market in 2010, not too hot or too cold. It is expected on a limited scale to see the market stable for a longer period''.
The agency has raised its estimation for the growth oil demand this year from 80 thousand barrels per day to 1.77 million barrels per day.
According to the agency this slowdown explains the efficiency in the developed countries of the Organization for Economic Cooperation and Development, as well as canceling the plans of economic recovery in the non-member countries of the Organization.
Following are more details:
The International Energy Agency (IEA) said in its monthly oil market report yesterday that the growth in global demand for oil will slow down over the next year.
According to the Agency in its first estimate for oil demand in 2011 reported that global demand for oil will grow by 1.35 million barrels per day over the next year up to 87.84 million barrels per day.
The report said briefly that market in 2010, not too hot or too cold. It is expected on a limited scale to see the market stable for a longer period''.
The agency has raised its estimation for the growth oil demand this year from 80 thousand barrels per day to 1.77 million barrels per day.
According to the agency this slowdown explains the efficiency in the developed countries of the Organization for Economic Cooperation and Development, as well as canceling the plans of economic recovery in the non-member countries of the Organization.
The full increase will come through the emerging countries in Asia and the Middle East, Latin America. However; the growth of consumption in China will be 30 percent, compared to the half of this year. It is expected that Chinese demand will decline next year when the government gradually withdraw its plan to support the economy.
The agency added that the amount of crude oil stored in sea tankers fell to 85 million barrels by the end of June from 93 million in May. Sources in the shipping sector As crude oil inventory in the sea levels has recorded higher levels last year.
In the previous months Iran was storing the crude in sea tankers in the face with difficulties in selling their production.
