The International Energy Agency Friday raised its estimate of global oil demand in 2004 by 50,000 b/d to 79.63-mil b/d. The upwards revision was based largely on evidence that the demand recovery in non-OECD Asia is gaining momentum. Demand this year is expected to grow by a healthy 1.22-mil b/d from 2003’s average, down from last year’s year-on-year increase of 1.45-mil b/d. In terms of oil demand growth China is expected to lead the rest of the world in 2004, with its average daily consumption expecte to rise to 5.79-mil b/d from 5.46-mil b/d in 2003, the Paris-based IEA said in its latest monthly report.
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