11-03-05 The International Energy Agency has raised its estimate for 2005 global oil demand by 330,000 bpd to 84.3 mm bpd.
On the supply front, global oil production bounced back during February by 885,000 barrels to 84.3 mm bpd. Non-OPEC producers increased production by 445,000 bpd, with recovering north American and North Sea supply helping the increase. Russian output also rose after a four-month decline.

The IEA said total non-OPEC supply has been revised up by 75,000 bpd for 2004 and by a further 90,000 bpd for 2005. Non-OPEC producers output is now predicted to average 51 mm bpd for 2005, 925,000 bpd above 2004, the agency said.
February OPEC supply meanwhile rose by 390,000 barrels to 29 mm bpd due to increases from Kuwait, Nigeria, Saudi Arabia and Iraq.