Global oil demand seen stronger than expected

AP News
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Posted: Oct 13, 2010 7:20 AM
Global oil demand seen stronger than expected

The International Energy Agency raised its forecast Wednesday for global oil demand this year and next following new data showing stronger-than-expected economic growth, especially in rich developed economies.

The Paris-based energy watchdog says global demand for crude will reach 86.9 million barrels a day this year, up from its forecast last month of 86.6 million barrels a day.

The IEA said in its monthly report that oil demand next year will reach 88.2 million barrels a day, up from its forecast last month of 87.9 million barrels a day, based on the latest economic forecast from the International Monetary Fund earlier this month.

The IEA _ the energy arm of the Organization for Economic Cooperation and Development, a grouping of the world's richest nations _ said rich world oil demand will rise 0.7 percent this year to 45.8 million barrels a day, while growth in non-OECD countries will rise 4.7 percent to 41.2 million barrels a day.

Next year, rich world oil demand will resume its long-term decline, the IEA said, falling 0.6 percent, while non-OECD demand will continue to rise, growing 3.7 percent.