IEA Sees Oil Supply Rising As Demand Slows To 2017Submitted by emalvini on Fri, 10/12/2012 - 12:23
IEA Sees Oil Supply Rising As Demand Growth Slows To 2017
By Lananh Nguyen
Oct 12, 2012 2:47 AM PT
Global oil markets will become better supplied in the next five years as demand growth slows and production rises in North America and the Middle East, according to the International Energy Agency.
Worldwide fuel demand is projected to gain 1.2 percent annually to 95.7 million barrels a day in 2017, from 89 million last year, the Paris-based energy adviser said in its medium term oil market report today. Output is forecast to advance about 1.5 million barrels a day each year to 102 million barrels a day in the same period. Crude prices may not drop much even as producers pump more because of increased geopolitical risks, the agency said.