MercoPress. South Atlantic News Agency

World oil demand forecasted to expand 2,2%.

The International Energy Agency, IEA, estimates oil demand this year will reach 81,41 million barrels per day, which is equivalent to a 3,2% increase over 2003 and for 2005 forecasts a further increase of 2,2% equivalent to a daily consumption of 83,23 million barrels.

This year the regions which experienced the greatest demand expansion are China 14% and 5,4% in the rest of Asia; 6% in Middle East; 3,6% in the former Soviet Union; 3% in Latinamerica; 2,2% North America and 1,5% European Union.

Reserves of the Organization for Economic Development and Cooperation, OEDC, actually increased 33 million barrels last May and now total 2,506 million barrels.

As to 2005 China is forecasted to further expand demand 8,1%; Middle East 4,7% and OEDC countries 1%.

Regarding supply, OPEC countries are forecasted to contribute with 1,6 of the 1,8 additional million barrels per day needed to meet increased demand.

Russia will be supplying 400,000 barrels, Angola 250,000, Brazil 215,000, but IEA experts fear "uncertainties" in several suppliers such as Iraq, Nigeria, Russia and Venezuela.