IEA trims 2010 oil demand growth forecast

Global oil demand growth in 2010 will be slightly slower than previously expected, the International Energy Agency (IEA) said on Wednesday, lowering its forecast, in contrast to two other key forecasters.

The agency revised its global oil demand growth forecast by 50,000 barrels per day to 1.62 million bpd from its estimate last month.

David Fyfe, head of the IEA’s Oil Industry and Markets Division, said the downward revision was in response to new historical data and that demand from emerging markets would continue to push up the world’s oil use.

“The overall baseline has been revised by 0.2 million barrels per day lower but this is an accounting change,” Fyfe told Reuters. “The demand growth trend is the same and all of it is coming from non-OECD countries.”

The IEA still expects world demand to grow to 86.4 million barrels per day (bpd) this year, up from 84.8 million bpd last year, it said in its Monthly Oil Market Report.

hindustantimes.com