IEA sees strong demand in 2014, non-OECD overtaking OECD
Emerging markets will once again lead oil demand growth in 2014, with surging North American production helping to meet record consumption
Global oil demand will rise by 1.2 million barrels a day (b/d) in 2014 bolstered by continued strong growth in emerging markets and an improved global economy, the International Energy Agency (IEA) said. The IEA said global oil demand will reach an average of 92m b/d in 2014, up from an 90.8m b/d this year. This demand growth will be driven by a stronger macroeconomic backdrop, the IEA said. In April the International Monetary Fund said global GDP growth would be 4% in 2014, up from 3.3% in 2013. The IEA, though, included the caveat that “given the current state of the world economy... particularly heightened risks surround forecasts of both economic progress and oil consumption.” In the fou
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
