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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Reducing the Burden of Local Content Development Compliance

Governments across the world are implementing Local Content Development laws.  To comply and...

Know the Standards for Flash Fire Hazards

NFPA 2112 and NFPA 2113. Two companion standards for workers exposed to flash fire hazards, both ...

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...

Latest Energy Jobs

View more Job Listings >>

Archived Articles

PennEnergy Articles
2008 | 2009 | 2010 | 2011 | 2012 | 2013

OGJ Articles
2011 | 2012 | 2013

OGFJ Articles
2011 | 2012 | 2013

Power Engineering Articles
2011 | 2012 | 2013

Power Engineering Intl Articles
2011 | 2012 | 2013

Utility Products Articles
2011 | 2012 | 2013

HydroWorld Articles
2011 | 2012 | 2013

COSPP Articles
2011 | 2012 | 2013

ELP Articles
2011 | 2012 | 2013