IEA: 2006-2011 Global Oil Demand Growth Seen Rising 2% a Year

Global oil demand growth is seen rising 2% annually through 2011, the International Energy Agency said Tuesday, in a forecast that is more optimistic about the rate of future energy consumption compared with previous five-year periods, because of rapid growth in Asia.

World oil consumption growth is expected to rise on average by 1.8 million barrels a day over the five-year period, from 84.5 million barrels a day in 2006 to 93.3 million barrels a day in 2011, the Paris-based IEA forecast in its medium-term report for 2006-2011.



The 2% annually growth rate in consumption compares with growth of 1.8% in 2001-2006, and 1.4% in the 1996-2001 period.

The 2006-2011Ioutlook assumes a downward revision in consumption of 385,000 barrels a day due to high energy prices, fuel substitution in industrialized countries and changes to U.S. economic growth, the agency said.

Dow Jones Newswires