January 19, 2011

IEA Oil Market Report up to the month of December, 2010

IEA Monthly oil market report covering up to December, 2010 has been published as of Jan 18, 2011

• Global oil product demand for 2010 and 2011 is revised up by an average of 320 kb/d on higher‐than‐expected submissions, reflecting buoyant global economic growth and cold northern hemisphere weather. Global oil demand, assessed at 87.7 mb/d in 2010 (+2.7 mb/d year‐on‐year), rises by 1.4 mb/d to 89.1 mb/d in 2011.

• Global oil supply fell by 0.3 mb/d to 88.1 mb/d in December, as non-OPEC output was reduced, on short‐lived outages. An Alaskan pipeline leak and a fire at a Canadian oil sands upgrader also cut January output. Overall, 2010 and 2011 non‐OPEC estimates are unchanged at 52.8 mb/d and 53.4 mb/d, respectively. OPEC NGLs contribute 5.3 mb/d in 2010 and 5.8 mb/d in 2011.

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