Azerbaijan, Baku, Oct. 9 / Trend A.Badalova /
The growth of the global oil demand will amount to 476,000 barels per day (bpd) in 2012, Global Energy Studies Centre (CGES) predicts.
Earlier CGES forecasted world oil demand growth this year at 509,000 bpd. The forecasts were slightly revised downwards due to higher oil prices and the slowdown in economic activity.
According to the CGES report, the demand outlook for the OECD (Organisation for Economic Co-operation and Development) remains weak, with oil consumption projected to shrink by 550,000 bpd in 2012 and a further 227,000 bpd in 2013.
"However, due to sustained non-OECD demand growth, global oil demand is forecast to increase by 0.5 percent and 0.8 percent in 2012 and 2013 respectively," the report said.
However, CGES believes that oil demand growth in 2012 and 2013 may fall if economic growth in China slows down any further as a result of European economic weakness.
CGES in its report mentioned that according to the forecasts of the International Monetary Fund (IMF), China's GDP will amount to 8 percent in 2012, which is the lowest level since 1999.