International Energy Agency expects global oil demand to reach1.1 bpd in 2014

The International Energy Agency (IEA) predicts global oil demand growth at 1.1 million barrels per day (bpd) in 2014.

According to the IEA's report on oil market published on Thursday, the forecast of global demand growth remains flat at 895,000 bpd for 2013, as stronger-than-expected deliveries in July offset concerns about the demand impact of currency fluctuations in emerging market economies.

IEA's estimates show that global oil supply decreased by 770,000 bpd in August to 91.59 million bpd, with both non-OPEC and OPEC registering monthly declines.

The agency expects non-OPEC production to rise by 520,000 bpd in the third quarter of 2013.

OPEC oil supplies, according to the IEA' estimates, fell by 260,000 bpd to30.51 bpd in August as near-record Saudi Arabia's output only partly offset a collapse in Libyan production.


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