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

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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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