IEA cuts 2005 oil demand estimate by 70,000 b/d to 83.9-mil b/d

London (Platts)--12Oct2004

The International Energy Agency Tuesday said it has raised its world oil
demand estimates for 2004 but cut the estimate for 2005 to reflect the likely
impact of current record-high oil prices on economic growth. 

The 2004 estimate
was raised by 240,000 b/d to 82.4-mil b/d mainly reflecting stronger than
expected demand in Asia and the FSU. For the third quarter of 2004, the IEA
raised its demand estimate by 600,000 b/d to 82-mil b/d after
stronger-than-expected demand data for July and August from most regions
except China. In the US and Europe the higher Q3 demand was being led by jet
and 'other product' consumption. Total OECD demand growth in the third quarter
was revised up 340,000 b/d to 1-mil b/d, or 2% year-on-year. The IEA said it
has now increased its global demand estimate by 190,000 b/d, to 2.71-mil b/d
for 2004 and cut the estimate for 2005 by 320,000 b/d to 1.45-mil b/d.

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