VOL. XLVI

No 29

21-July-2003

SUPPLY/DEMAND

IEA Expects Strong Non-OPEC Supply Growth In 2004

Economic recovery and easing oil prices are expected to boost global demand by 1.0mn b/d in 2004 to 79.08mn b/d, according to the International Energy Agency (IEA). In its latest monthly Oil Market Report, published on 11 July, the IEA provided its first estimates for 2004 supply and demand, anticipating additional growth in non-OPEC production squeezing OPEC supplies even further: Non-OPEC production is...