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IEA cuts oil supply forecasts for five years

(Xinhua)
Updated: 2008-07-01 22:15

MADRID  -- The International Energy Agency (IEA) cut its forecasts for oil supplies over the next five years on Tuesday.

The oil monitoring body said in a report that spare capacity in the world system would fall to "minimal levels" in 2013.

It sees "significant downward revisions for both non-OPEC supplies and OPEC capacity estimates from last year's Medium-Term Oil Market Report."

Spare capacity will rise above a daily 4 million barrels in 2009 and 2010, and will recede "to minimal levels by 2013," the IEA said in its annual medium-term report.

The energy watchdog predicted that producers are able to exceed projected demand only by a daily 2 million barrels, in anticipation of cuts in crude consumption as the world adjusts to record prices.

The IEA lowered its projection of demand made last year, estimating daily oil needs for this year at 86.87 million barrels and at 94.14 million barrels in 2013.

The agency forecast 1.40-percent less demand for this year and 3.43 percent less in 2012.