IEA Sees World Oil Demand Growth Slowing

China's economic expansion is expected to continue to fuel steep demand for oil into 2005 and beyond

Published: 13-Dec-2004

ON (Reuters) - World oil demand growth in 2005 will slow from a 28-year high this year in part because a squeeze on fuel supplies for Chinese power generation should ease, the International Energy Agency said on Friday.

In its monthly oil market report, the IEA shaved its estimate for 2005 demand growth by 70,000 barrels a day to 1.38 million bpd on the 83.7 million bpd world market.

That would put growth in 2005 at 1.7 percent, down from 3.3 percent or 2.63 million bpd this year when China led the steepest increase in world oil demand since 1976.

World growth in 2003 was 1.8 million bpd, 2.3 percent, led by 11 percent China growth.

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