The IEA (International Energy Agency) Oil Market Report for October 13, 2010
• Global oil demand for 2010 and 2011 is revised up by 0.3 mb/d on average to 86.9 mb/d and 88.2 mb/d, respectively, on new data showing much stronger‐than‐expected 3Q10 readings, notably in the OECD, and updated GDP and price assumptions. Yearly growth is now +2.1 mb/d in 2010 and +1.2 mb/d in 2011. If GDP growth were a third lower, demand growth would only reach 0.4 mb/d in 2011.
• Global oil supply fell by 150 kb/d to 86.9 mb/d in September on lower non‐OPEC output, but was up by 1.5 mb/d year‐on‐year, shared equally between non‐OPEC, OPEC crude and NGLs. Estimated 2011 non‐OPEC supply is raised by 150 kb/d to 53.1 mb/d on stronger US, Canadian and Chinese output, growing from 52.6 mb/d in 2010.
For the third quarter of 2010, oil production has been a bit over 87 million barrels per day.
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