Consumer energy watchdog, the International Energy Agency (IEA) has radically revised upwards its view on demand for the last quarter. Driven largely by evidence of stronger Chinese and Latin American demand, the IEA in its latest monthly Oil Market Report now sees global oil demand in 4Q12 some 700,000 b/d higher than it did in last month’s report. It has upgraded its projection for the 4Q12 demand for OPEC crude by some 400,000 b/d.

OPEC, on the other hand, downgraded its projection for the fourth quarter Call on OPEC by some 150,000 b/d in its latest Monthly Oil Market Report (MOMR – MEES, 18 January). The IEA’s annual projections for 2012 and 2013 oil demand are up by 200,000 b/d each compared to last month, while its projections for the Call on OPEC have been revised up by a more modest 100,000 b/d for both years. (CONTINUED - 416 WORDS)