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Energy

IEA Expects Oil Demand Will Rise

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By Douglas A. McIntyre Updated Published
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In another piece of news that could drive up oil prices, the International Energy Agency (IEA) revised its forecast for oil demand, and the revision calls for demand to go higher.

In its April Oil Market Reports, IEA experts:

…raised its forecast of 2015 global oil demand by 90 000 barrels per day (90 kb/d) to 93.6 million barrels per day (mb/d), a gain of 1.1 mb/d on the year, informing subscribers that the notable acceleration from 2014’s 0.7 mb/d growth builds on cold first-quarter temperatures and a steadily improving global economic backdrop.

Oddly, organizations that include the World Bank have revised their forecasts for global growth downward.

Changes in refinery activity will also have an effect:

Global refinery crude demand is expected to fall seasonally to 77.3 mb/d in the current quarter, from 78 mb/d in the first quarter of the year. While Atlantic Basin refiners mostly completed turnarounds in the last quarter, Asian refinery maintenance is set to ramp up sharply this quarter, with up to 2.5 mb/d of distillation capacity offline at its peak in May

Crude has already jumped back to over $50, and the number likely will rise.

ALSO READ: More Carnage in Oil and Gas Sector Jobs and Spending, but Looking Less Bad

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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