Oil demand pressure on China and the US is alleviated, says IEA

The Paris-headquartered International Energy Agency released the monthly report of the international petroleum market on May 11, in which the forecast growth for the global crude oil this year has been increased to 2.2 per cent from 2.1 per cent announced in April, namely an increase of 1.77 million barrels per day.

The global average daily crude oil demand is up to 84.3 million barrels after the adjustment. The watchdog pointed out the oil demand pressure on the United States and China has already been alleviated while the forecast for European Union petroleum requirement has been lowered. However the forecast for the total global petroleum demand has not been reduced as the oil demand for some countries in Asian, Pacific and Middle East regions has been increased to some extent.

The IEA report shows the total global average daily oil output in April increased by 435,000 barrels if compared with the month before, reaching 84.5 million barrels. Among them the average daily oil output of the Organization of Petroleum Exporting Countries (OPEC) increased 480,000 barrels if compared with March, reaching 29.4 million barrels.

The report says the world crude oil demand pressure is being alleviated gradually with the increase of OPEC's oil output and the oil reserves in various countries.

By People's Daily Online