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Strong U.S. deliveries lift global oil demand

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Staff writer ▼ | January 23, 2014
Oil demandUnexpectedly strong deliveries in the United States lifted global oil demand for the final quarter of last year by 135 000 barrels per day (135 kb/d) higher than originally forecast, the IEA Oil Market Report (OMR) for January estimated.

Curtailments in China and elsewhere partly offset the US increase, but the closing surge left growth for all of 2013 at about 12 million barrels per day (mb/d), which the monthly report expects to accelerate to 1.3 mb/d in 2014 as the economy continues to recover.

Global supplies eased 25 kb/d in December from the previous month, to 92.23 mb/d, as a seasonal decline in biofuel output cut non-OPEC liquids supplies by 340 kb/d. Non-OPEC production grew by 1.63 mb/d from December 2012. Year-on-year OPEC crude oil supply fell 535 kb/d in December, but it rebounded by 310 kb/d from the previous month, to 29.82 mb/d, reversing four months of decline.

Saudi Arabia and the United Arab Emirates led the gain. Iraq was the only member to post a decline, though beleaguered Libya saw only a modest rise, amid government expectations of an imminent recovery in oil output.

The OMR raised its forecast of global refinery crude for the current quarter by 110 kb/d to 76.8 mb/d, on the back of surging U.S. crude runs. Global throughput in the quarter should grow 1.3 mb/d as contractions in Europe ease and new Chinese and Middle Eastern capacity ramps up.

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