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Page added on February 11, 2010

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Global oil demand growth revised up for 2010 – IEA

LONDON (Reuters) – Global oil demand will grow by 120,000 barrels per day more than previously expected in 2010 to average 86.5 million barrels per day, the International Energy Agency (IEA) said on Thursday, but all growth will come from emerging markets.

The Paris-based adviser to 28 industrialised economies added that demand would grow by 1.6 million bpd in 2010 after falling by 1.3 million bpd last year. It raised its forecast of the need for OPEC oil this year by 300,000 bpd.

The monthly report indicates demand from industrialised nations could have peaked.

“Even the recent record U.S. and European winter snows look unlikely to revive OECD demand, which remains flat at best in 2010. An ‘oil-less’ recovery indeed,” the IEA said in its monthly market report.

“In contrast, the thirst for oil among emerging economies looks unlikely to diminish anytime soon, absent weaker than expected economic recovery. Global oil demand now takes its cue primarily from rising emerging country incomes.”


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