IEA Oil Market Report

The IEA (International Energy Agency) Oil Market Report for October 13, 2010

• Global oil demand for 2010 and 2011 is revised up by 0.3 mb/d on average to 86.9 mb/d and 88.2 mb/d, respectively, on new data showing much stronger‐than‐expected 3Q10 readings, notably in the OECD, and updated GDP and price assumptions. Yearly growth is now +2.1 mb/d in 2010 and +1.2 mb/d in 2011. If GDP growth were a third lower, demand growth would only reach 0.4 mb/d in 2011.

• Global oil supply fell by 150 kb/d to 86.9 mb/d in September on lower non‐OPEC output, but was up by 1.5 mb/d year‐on‐year, shared equally between non‐OPEC, OPEC crude and NGLs. Estimated 2011 non‐OPEC supply is raised by 150 kb/d to 53.1 mb/d on stronger US, Canadian and Chinese output, growing from 52.6 mb/d in 2010.

For the third quarter of 2010, oil production has been a bit over 87 million barrels per day.

Suncor oilsand production is up to 330,000 barrels of oil per day, which is up about 50,000 barrels of oil per day from last year.

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