IEA Pushes Up Demand Forecast

11 August 2009 (Last Updated August 11th, 2009 18:30)

The International Energy Agency (IEA) has announced it will marginally push up its demand forecast for 2009/10 on the back of stronger demand from OECD Pacific and non-OECD Asia. The agency has also warned it was skeptical that the recession showed signs of coming to an end.

The International Energy Agency (IEA) has announced it will marginally push up its demand forecast for 2009/10 on the back of stronger demand from OECD Pacific and non-OECD Asia.

The agency has also warned it was skeptical that the recession showed signs of coming to an end.

The upward adjustment of demand in 2009 means growth in 2010 is now slightly lower at 1.6% or 1.3MMbpd.

Global oil demand for 2009 now stands at 83.9MMbpd, up 190,000bpd from the last report. Demand for 2010 has been revised up by 70,000 barrels per day to 85.3MMbpd.

Non-OECD demand in 2010 is expected to average 40.1MMbpd, up 1.3MMbpd year-on-year and 100,000bpd higher than the previous forecast.

OECD oil demand in 2009 has been pushed up by 20,000bpd to 45.1MMbpd following changes in OECD Pacific demand.

OECD oil demand for 2010 remains mainly unchanged at 45.1 MMbpd.