IEA raises oil demand forecasts for 2009, 2010
13 Aug 2009
The International Energy Agency (IEA) on Wednesday raised its global oil demand forecast to 83.9 million barrels per day (bpd) in 2009, an increase of 190,000 bpd over its previous estimate.
The Paris-based adviser to 28 industrialised nations, in its monthly survey said the oil demand across the world for 2010 will also rise by 70,000 bpd to 85.3 million bpd, about 1.7 per cent higher than in 2009.
The increases in the forecasts have been prompted by increased consumption in Asia, especially in China, the world's second largest oil consumer after the US.
Nevertheless, this year's demand will be still be lower by 2.8 per cent compared to last year's consumption of 86.3 million bpd.
IEA said that the revisions for 2009 were largely driven by the oil demand in Organisation for Economic Cooperation and Development (OECD) nations in the Pacific region and non-OECD Asia.
''However, these upward changes have barely dented the sharp demand contraction expected this year."