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http://forexnews-4all.blogspot.com/2009/07/iea-sees-oil-demand-rising-in-2010.html
The International Energy Agency predicts global oil demand will
rebound next year, recovering from the fastest drop since the early
1980s as the world economy emerges from its slump.
Worldwide consumption of crude oil will increase by 1.4 million
barrels a day, or 1.7 percent, to 85.2 million barrels a day next
year, the adviser said in its first monthly report to include a
forecast for 2010. The growth will be concentrated in emerging
economies outside the Organization for Economic Cooperation and
Development.
Oil prices have advanced 34 percent this year on optimism that
government stimulus will lift countries out of the worst global
recession in six decades. Crude traded at less than $60 a barrel today
in New York, a day before the July 11 anniversary when prices reached
a record $147.27 last year.
We expect demand to rebound based on the forecasts of major
institutions, David Fyfe, head of the IEAs oil industry and markets
division, said in an interview from Paris. Theres still a strong
note of caution. Demand data coming in for 2009 is still weak on a
trend basis.
The International Monetary Fund, in a forecast before the IEA prepared
its outlook, estimated that the world economy will expand by 2.5
percent in 2010. The IEA said its 2010 view may remain broadly
unchanged once it includes the revised IMF forecast, whose changes
mainly reflected developed economies, where crude use is less intense.
Higher GDP Scenario
The projection for 2010 is about 850,000 barrels day higher than the
higher GDP scenario included in the agencys Medium-Term Oil Market
Report published on June 29. The Medium- Term report was prepared over
a longer period than the monthly bulletin, forecasting through to
2014.
The agency revised up its assessments of 2008 and 2009 global demand
by 400,000 barrels a day each, to 86.2 million barrels a day and 83.8
million a day, respectively.
Daily supplies from outside the Organization of Petroleum Exporting
Countries will increase by 410,000 barrels to 51.2 million barrels
next year as a result read more so visit now
The International Energy Agency predicts global oil demand will
rebound next year, recovering from the fastest drop since the early
1980s as the world economy emerges from its slump.
Worldwide consumption of crude oil will increase by 1.4 million
barrels a day, or 1.7 percent, to 85.2 million barrels a day next
year, the adviser said in its first monthly report to include a
forecast for 2010. The growth will be concentrated in emerging
economies outside the Organization for Economic Cooperation and
Development.
Oil prices have advanced 34 percent this year on optimism that
government stimulus will lift countries out of the worst global
recession in six decades. Crude traded at less than $60 a barrel today
in New York, a day before the July 11 anniversary when prices reached
a record $147.27 last year.
We expect demand to rebound based on the forecasts of major
institutions, David Fyfe, head of the IEAs oil industry and markets
division, said in an interview from Paris. Theres still a strong
note of caution. Demand data coming in for 2009 is still weak on a
trend basis.
The International Monetary Fund, in a forecast before the IEA prepared
its outlook, estimated that the world economy will expand by 2.5
percent in 2010. The IEA said its 2010 view may remain broadly
unchanged once it includes the revised IMF forecast, whose changes
mainly reflected developed economies, where crude use is less intense.
Higher GDP Scenario
The projection for 2010 is about 850,000 barrels day higher than the
higher GDP scenario included in the agencys Medium-Term Oil Market
Report published on June 29. The Medium- Term report was prepared over
a longer period than the monthly bulletin, forecasting through to
2014.
The agency revised up its assessments of 2008 and 2009 global demand
by 400,000 barrels a day each, to 86.2 million barrels a day and 83.8
million a day, respectively.
Daily supplies from outside the Organization of Petroleum Exporting
Countries will increase by 410,000 barrels to 51.2 million barrels
next year as a result read more so visit now