LONDON: Global oil demand growth will accelerate next year as the world economy expands and will again be met by rising supplies from the United States and Canada, further eroding Opec’s market share, the West’s energy watchdog said yesterday.
But the IEA said in its monthly report that risks to oil production in several regions remained acute. “Supply risks in the Middle East and North Africa, not least in Iraq and Libya, remain extraordinarily high,” the IEA said.
Making its first forecasts for 2015 in a monthly report, the IEA which advises major consuming nations on energy policy, said it expected global oil demand to grow by 1.4 million bpd next year, up from 1.2 million this year.
The IEA said it expected non-Opec supply growth to average 1.2 million bpd next year, in line with increases in 2013 and 2014. “The US and Canada remain the mainstays for growth, but sources are expected to be more diverse than in 2014,” said the IEA, naming Brazil, Britain, Vietnam, Malaysia, Norway and Columbia among countries which will grow output in 2015.
North America will remain the leader in 2015, contributing about twothirds of the net non-Opec supply increase compared to 85 percent in 2014. Reuters
