World Oil Demand Growth Highest in 16 Years

Tuesday, May 25, 2004
In its May Oil Market Report the International Energy Agency (IEA) raised its forecast for 2004 world oil demand by 0.27 mbd. Altogether oil demand growth in 2004 amounts to 1.9 mbd or a change over 2003 of 2.5% resulting in a total demand of 80.6 mbd. In absolute terms the 2004 demand increase represents the single largest annual gain since 1988.

Previous upward revisions to oil demand growth had centred on China but this time increased growth is estimated for North America and Europe. North America will in 2004 have increased oil demand by 1.6%, Europe by 1.5%, China by 13.6%, other Asia by 5.1%, Middle East by 4.9% Africa and Latin America by 1.7%. Oil demand is set to decline by 2% in the Former Soviet Union and by 1.6% in OECD Pacific.

Soaring demand for transportation fuels has led to the increase in OECD oil deliveries. Aggregated March demand for gasoline and diesel in the nine largest OECD economies grew by close to 1 mbd year-on-year, while that for jet fuel-kerosene posted the steepest gain in a year. Chinese oil demand expanded by nearly 1 mbd in the first quarter of 2004 and is expected to rise even faster in the second quarter. Growth is currently forecast to slow in the second half of the year, but a high-case scenario of 1 mbd or more annual growth cannot be ruled out.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

European Launch of SMS at Counter Terror Expo

Kelvin Hughes is delighted to announce that it will be displaying its new Single Mast Solution (SMS) at Counter Terror Expo 2014 from April 29-30. This will be

Saipem: A Fleet Grows in Brazil

As some pre-salt plays begin production, a wide range of subsea infrastructure is being built, with O&G transportation pipeline grids being one of the vital downstream systems.

ESAB Releases Updated Columbus III

ESAB Welding & Cutting Products announces the release of Columbus III version 1.2, a powerful CAD/CAM programming and nesting software optimized for plasma, oxy-fuel, laser and waterjet cutting.

Energy

BP Gulf Spill Trial Set For January

The high-stakes penalty phase of BP's trial over its role in the 2010 U.S. Gulf of Mexico oil spill will start next January, court officials said on Tuesday,

Canada To Keep Keystone XL Issue Alive With White House

Far from giving up on the Keystone XL pipeline to the United States, Finance Minister Joe Oliver said on Tuesday Canadawould keep the issue alive with the Obama

EU gives Geneva deal a chance before adopting new Russia sanctions

The European Union is holding off imposing further sanctions on Russia for now over its actions in Ukraine until it sees if a deal reached in Geneva last week works, EU diplomats said on Tuesday.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1535 sec (7 req/sec)