IEA lifts 2010 oil demand forecast as surging Chinese growth offsets flagging OECD demand
By APFriday, March 12, 2010
Global oil demand seen higher in 2010
PARIS — World oil demand will rise this year due to surging economic activity in Asian countries, especially China, the International Energy Agency said Friday as it bumped up its forecasts.
The Paris-based IEA, which advises oil-consuming countries, predicted in its monthly report that oil demand will average 86.6 million barrels a day this year, or 1.6 million barrels a day more than in 2009.
The IEA’s previous report, in February, had estimated daily demand in 2010 of 86.5 million barrels. The estimate for 2009 was revised upwards to 85 million barrels a day.
Oil demand in developed economies will fall 0.3 percent in 2010, but this will be offset by higher demand in Asia, the IEA said.
“China is currently expected to account for almost a third of global oil demand growth in 2010,” the IEA said.
