IEA sees robust oil demand in developing economies in 2008-2009

PARIS: The International Energy Agency on Thursday slightly raised its forecast for global oil demand this year and said growth would continue in 2009 thanks to demand in developing countries.

Global demand for petroleum products such as gasoline, diesel and heating oil will grow by 1 percent, or 890,000 barrels a day, to 86.9 million barrels a day in 2008, the Paris-based watchdog said in its monthly report. That’s up slightly from the 0.9 percent increase the IEA forecast last month.


In 2009 global oil product demand will expand by 1 percent or 860,000 barrels to 87.7 million barrels a day, the IEA said.

“High oil prices contribute to a contraction in OECD oil product demand, offset by robust growth in developing economies,” the IEA said.

“The contraction in demand is expected to be particularly marked in North America, given the weakness of the US economy and high oil prices,” the IEA said.

AP