The International Energy Agency nudged up its global oil demand forecast for 2013 but noted that growth remains well below the pre-credit crunch trend.
The IEA, in its monthly Oil Market Report released today, nudged up its 2013 oil demand growth forecast by 1.0 million barrels per day (mbd) to 90.90 mbd as global oil supply capacity seen growing slightly ahead of expected moderate demand growth.
Rising volumes of North American and Brazilian supply should support non-OPEC growth near 0.7 mbd in 2013, to average 53.9 mbd, the Paris based agency noted.
Meanwhile, OPEC crude supply moved up near recent highs 31.8 mbd in June, ahead of incoming US sanctions and an EU oil embargo on Iran.
On the oil price movements, the agency said crude markets continued move volatile in June and early July after worsening euro zone woes and with a backdrop of rising global inventory.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org