IEA: global oil demand to rise to 92.4 million bpd in 2014

The International Energy Agency revised its global oil demand forecast for 2014 to 92.4 million barrels per day, up 1.2 million from 2013.The International Energy Agency revised its global oil demand forecast for 2014 to 92.4 million barrels per day, up 1.2 million from 2013, Bloomberg reported.

The IEA attributed this 1.3 percent rise to strong U.S. oil consumption post-recession. The agency also anticipated that Iranian exports could bounce back. On Nov. 24, six countries and Iran made an agreement that in exchange for Tehran reducing the size of its nuclear program, international restrictions will be relaxed partially, according to The Wall Street Journal. For November, Iran oil production rose 89,000 bpd to 850,000 bpd with shipments to China and Taiwan.

The IEA said Iran withdrew 15 million barrels of oil out of storage and oil production jumped to 2.71 million bpd in the past two months, according to tanker data.

Despite this prediction of Iranian oil exports potentially challenging other oil producers, the IEA said it does not expect Iran to flood the market because the pact in November caps Iranian crude exports to 1 million barrels.

"Meaningful increases in production would require a longer period and additional investment in Iran's upstream, and thus would take time to materialize," the IEA said.

More information on Iran's increased oil storage capacity can be found on PennEnergy's research area.


Pervasive Governance: Rethinking Traditional Approaches to Information Governance for Oil & Gas

Information is an organization’s most important strategic asset – the “lifeblood” of the organiza...

OSHA 1910.269 Are You Regulation Ready?

Read this Q&A to learn about changes to federal regulations and how to select FR garments for...

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New ...

On the Radar: EMC Supplier Exchange

This report addresses key issues for managers of complex contracts in energy and engineering. Thi...


Adding GPS vehicle management to your team

A GPS fleet management system can be a highly effective tool to help lower costs, improve productivity, and manage your vehicles more efficiently. But with many vendors and prod...
( 08/25/2015 / 12:00 PM Eastern Daylight Time / 11:00 AM Central Daylight Time / 09:00 AM Pacific Daylight Time / 16:00 GMT )
Sponsored by

Transforming the petroleum supply chain with the Internet of Things

The equipment involved in producing, moving, refining and selling petroleum is expensive, and rugged, and comes from hundreds of manufacturers. Enhanced by the Internet of Thing...
Sponsored by

Connected Decision-Making: Improving Asset Operations Through Comprehensive Information Management

Energy asset operators are faced with a paradigm today: increase efficiency and reliability levels while fighting to extend the lifespan of these aging asset. To meet these oppo...
Sponsored by

Latest Energy Jobs

View more Job Listings >>