Abu Dhabi: There's a good balance currently in world oil demand and supply, though demand is projected to increase slightly this year as the recession ends in major consuming countries, a top official of the International Energy Agency (IEA) said here on Tuesday.
Speaking to Gulf News on the sidelines of the ongoing World Future Energy Summit 2010, Richard Jones, Deputy Executive Director of the IEA, said: "There are large oil stocks in OECD [Organisation for Economic Cooperation and Development] countries and floating stocks on storages which would help maintain the demand-supply balance. We don't foresee any big movements in oil prices this year."
He added: "The world oil demand is projected to grow to 86.3 million barrels per day from 84.9 million barrels per day in 2009."
Jones said the oil producing countries outside the Organisation of Petroleum Exporting Countries (Opec) will together add 1 million barrels of oil equivalent per day to their output this year.
"Non-Opec countries this year will increase their oil output by 200,000 barrels per day. In addition, there will be 800,000 barrels per day oil equivalent through gas to liquids production, according to our estimates," Jones added.
The Paris-based IEA advises 28 industrialised countries on their energy policy.
Global oil prices are currently hovering around $78 (Dh286) per barrel after slumping below $33 in Dec-ember 2008 at the peak of the world financial crisis.
