Global oil consumption during fourth-quarter 2013 was adjusted to 92.1 million b/d, according to the International Energy Agency’s most recent Oil Market Report. The total, which marks a 135,000-b/d upward revision from last month’s OMR report, was adjusted because of exceptionally strong US demand since October, partly offset by reduced Chinese fourth-quarter 2013 demand. Global demand for 2014 is expected to rise by 1.3 million b/d to 92.5 million b/d from the 1.2 million b/d rise now envisaged for 2013, to 91.2 million b/d, “an acceleration supported by the likelihood of stronger macroeconomic momentum as the year progresses, IEA said. Led by Saudi Arabia and the UAE, crude oil supply from the Organization of the Petroleum Exporting Countries rebounded by 310,000 b/d to 29.82 million b/d in December, reversing 4 months of declines. Iraq was the only member to post a decline. Non-OPEC supplies for the month fell by […]