No 11



IEA Raises 2004 Oil Demand Growth Forecast To 1.65Mn B/D

The International Energy Agency (IEA) has increased its forecast for 2004 oil demand growth, citing strong Asian consumption led by Chinese economic growth. In its latest monthly Oil Market Report, published on 11 March, the IEA says: Surging oil demand in China and other non-OECD Asian economies has raised the assessment of global oil demand growth by 220,000 b/d for 2004, to 1.65mn b/d. Non-OECD...