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August 19, 2011

IEA reports World Oil (all liquids) Supply rose in July to 88.7 millino barrels per day

IEA projects oil demand to rise to 92 million barrels per day by the end of 2012

World oil supply in July rose by 0.6 mb/d from June, to 88.7 mb/d, with non-OPEC production up by 0.4 mb/d. Rising Canadian production offset lower UK production. Non-OPEC supply is now seen averaging a lower 53 mb/d in 2011 on prolonged production outages, rising to 54 mb/d in 2012.



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