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Wednesday, October 17, 2018

Global oil demand to increase by 1.5% in 2003

According to the International Energy Agency’s (IEA) August 2002 Oil Market Report, world oil demand is projected to increase by 1.11 mbd (1.5%) over 2002 levels next year, compared to the growth of only 0.3% both in 2001 and 2002.

Forecasts for 2003 are:
North American demand: +0.31 mbd or 1.3%.
European demand: +0.17 mbd or 1%.
OECD Pacific demand: +0.08 mbd or 1%.
Chinese demand: +0.15 mbd or 2.9%.
Other Asia demand: +0.17 mbd or 2.3%.
FSU demand: +0.06 mbd or 1.5%.
Middle East demand: +0.12 mbd or 2.5%.
African demand: +0.04 mbd or 1.6%.
Latin American demand +0.03 mbd or 0.6%.

The development of oil supply and demand can be viewed here