AS THE world’s economies recover more rapidly than forecast from recession, global oil demand is now also expected to rise quickly more than had been foreseen, the International Energy Agency (IEA) said on 9 October in Paris. As a result, in its Monthly Oil Report, the IEA has revised upward its forecast for global oil demand for both 2009 and 2010.
This year, oil demand is expected to average 84.6 million barrels per day, 200,000 barrels per day more than the IEA had foreseen in its previous forecast. In addition, global oil demand for next year is now expected to average 86.1 million barrels per day, up 350,000 barrels per day over the IEA’s previous prognosis.