IEA forecasts rebound in oil demand - The National

Developing economies' need for oil will be greater than demand in member countries of the Organisation for Economic Co-operation and Development (OECD) by next year, the International Energy Agency (IEA) said yesterday.

Demand for crude will rise next year as the global economy recovers, and the increase will lead to a permanent shift in demand distribution, said the body representing the world's developed economies, in its July monthly report.

"Global oil product demand will average 90.9 million barrels per day (bpd) for 2013, with non-OECD demand exceeding that for the OECD for the first time ever in [the second quarter of next year], a trend that is unlikely to be reversed," said the report.

Non-OECD demand is forecast to be 45.7 million bpd next year, 600,000 bpd more than OECD demand, according to the IEA.

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