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World oil demand to hit record, led by China: IEA

Posted on 12 July 2013

Global economic recovery and emerging markets led by China will boost growth of oil demand to a record high total next year, the IEA forecast on Thursday. Next year, consumption by emerging markets will dominate demand overall, a position “they should hold in perpetuity”, the International Energy Agency said.
But the IEA monthly report stressed that the oil market is heading into a sea of “many uncertainties”, partly because oil production in the United States is “set to grow strongly”. Supply from other countries outside the Organization of Petroleum Exporting Countries (OPEC), notably Brazil, Kazakhstan and South Sudan, would also rise and was set for a 20-year record, the agency forecast………………………………………..Full Article: Source


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