IEA Raises 2004 Global Oil Demand Estimate, Trims 2005

By Agence France-Presse The International Energy Agency on Oct. 12 raised its forecast for global oil demand in 2004 but trimmed its estimate for 2005. In its monthly oil market report for October, the Paris-based organization said it expected global oil demand this year of 82.4 million barrels per day (bpd) compared with the 82.16 million bpd forecast in September, raising its estimate slightly due to stronger-than-expected demand from Asia. But next year it expected global oil demand of 83.9 million bpd, instead of a September forecast of 83.92 million bpd, lowering its estimate due to "expectations of slower economic growth and the impact of high oil prices on demand and the economy." Copyright Agence France-Presse, 2004