Recovery Bumps Up IEA Oil Estimates

11 February 2010 (Last Updated February 11th, 2010 18:30)

The International Energy Agency (IEA) has raised its global oil demand forecast for 2010, with a major chunk of growth coming from emerging markets outside the Organisation for Economic Co-operation and Development. The IEA revised projections upwards because of the stronger economic fo

The International Energy Agency (IEA) has raised its global oil demand forecast for 2010, with a major chunk of growth coming from emerging markets outside the Organisation for Economic Co-operation and Development.

The IEA revised projections upwards because of the stronger economic forecast by the International Monetary Fund (IMF), which raised its outlook for global economic growth to 3.8% this year, an increase of 0.8% from its earlier projections.

The IEA increased its forecast for 2010 by 170,000bpd, according to Bloomberg.

This indicates a 1.8% or 1.6 million bpd increase on 2009 levels to 86.5 million bpd for 2010.

The IEA said the major factor for recovery in oil demand is emerging and developing countries where oil consumption is likely to increase to 41 million bpd this year, a 4% or 1.6 million bpd increase on consumption for 2009.

The agency said oil demand from China is expected to increase by 4.7% to 8.9 million bpd in 2010.

It has not, however, revised its oil consumption forecast for OECD countries in 2010, which remains at 45.5 million bpd, the same level as 2009.