1. International Energy Agency = Global oil supply rose by 1.0 million barrels per day to 89.3 mb/d in October from September, driven by recovering non-OPEC output A yearly comparison shows similar growth, with OPEC supplies well above year-ago levels. Non-OPEC supply growth averages 0.1 mb/d in 2011 but rebounds to 1.1 mb/d in 2012, with strong gains from the Americas.
Forecast global oil demand is revised down by 70 kb/d for 2011 and by 20 kb/d for 2012, with lower-than-expected 3Q11 readings in the US, China and Japan. Gasoil continues to provide the greatest impetus for demand growth. Global oil demand is expected to rise to 89.2 mb/d in 2011 (+0.9 mb/d y-o-y) and reach 90.5 mb/d (+1.3 mb/d) in 2012.
As recently as September, the IEA was predicting Libya would produce no more than 0.4 million barrels a day by the end of this year. That milestone was passed in October and the agency now expects Libya to produce 0.7 million barrels a day by the end of this year. It also increased its forecast for first-quarter Libyan production by 60%, to 0.8 million barrels a day
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