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