IEA sees global oil demand bouncing back in 2010

LONDON (Reuters)

It forecast world oil consumption next year would reach 85.2 million barrels per day (bpd), up from 83.8 million this year. The demand outlook for this year was “effectively unchanged” — down 2.9 percent, or 2.5 million bpd compared with last year.

David Fyfe, head of the IEA’s oil industry and market division, said the extent of recovery in world oil demand would rest on the performance of the global economy and prices.

“It’s highly dependent on economic recovery materializing and the expectation (oil) prices will remain in a relatively moderate range,” he said.

He said a small upward revision in the estimate for oil demand “should not be interpreted as green shoots.”

Reuters