No 47



IEA Demand Estimate Raised As China Leads Economic Recovery

The International Energy Agency (IEA) has raised its forecast for global oil demand growth by 170,000 b/d to 1.3mn b/d for 2003 and by 20,000 b/d to 1.1mn b/d for 2004. In the latest edition of its monthly Oil Market Report, published on 13 November, the IEA explains: China, the driving force, contributes almost 35% of global growth this year, and 30% in 2004. OECD demand estimates are cut by...