IEA finds oil demand pressure on China and US is alleviated

May 14, 2005 02:00 AM

The Paris-headquartered International Energy Agency released the monthly report of the international petroleum market on May 11, in which the forecast growth for the global crude oil this year has been increased to 2.2 % from 2.1 % announced in April, namely an increase of 1.77 mm bpd.
The global average daily crude oil demand is up to 84.3 mm barrels after the adjustment.

The watchdog pointed out the oil demand pressure on the United States and China has already been eased while the forecast for European Union petroleum requirement has been lowered.
However the forecast for the total global petroleum demand has not been reduced as the oil demand for some countries in Asian, Pacific and Middle East regions has been increased to some extent.

The IEA report shows the total global average daily oil output in April increased by 435,000 barrels if compared with the month before, reaching 84.5 mm barrels. Among them the average daily oil output of OPEC increased 480,000 barrels if compared with March, reaching 29.4 mm barrels.
The report says the world crude oil demand pressure is being alleviated gradually with the increase of OPEC's oil output and the oil reserves in various countries.

Source: People's Daily Online
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