PARIS – Global oil demand will be sluggish throughout 2013 as economic expansion remains tepid and oil supply levels comfortable, which could alleviate oil price pressures on consumers, the International Energy Agency (IEA) said in a monthly report Wednesday. “Global demand growth is expected to stay relatively sluggish through 2013,” the agency said. It forecast global oil demand growth for 2013 at 865,000 barrels per day, 110,000 bpd higher than in its previous report, taking consumption to an average of 90.5 million bpd. On the supply front, the IEA said spectacular growth in US production on the back of a boom in shale oil will be one of the top developments for the market in 2013. The US will contribute around two thirds of an aggregate increase of 890,000 bpd in non-OPEC output in 2013, for a total of 54.2 million bpd, IEA said. “If confirmed, this would be the fourth-largest annual growth for non-OPEC supplies in the last decade. In fact, growth could exceed expectations in the US if prices remain high and if producers of light tight oil are able to find economic transport options for their incremental barrels,” it said. The IEA also said its estimate of demand for OPEC oil was unchanged for 2013 at 29.9 million bpd, much lower than the group's current production of 31.22 million in November. — Reuters
