World oil demand to rise in 2010, supply still high

LONDON/NEW YORK (Reuters) – World oil consumption will rise for the first time in two years in 2010 as a recovery in the global economy boosts demand, according to a Reuters poll of top oil-tracking analysts and organizations.

But the expected increase of 1.1 percent worldwide is unlikely to drain away all the excess supplies, despite the slow growth in production outside the Organization of the Petroleum Exporting Countries.

Oil demand is predicted to rise by 900,000 barrels per day (bpd) to 84.9 million bpd in 2010, the poll of nine forecasters found. World demand has fallen by 2.5 percent since hitting 86.2 million bpd in 2007, as the dual impact of high prices and the economic crisis cut consumption.

Reuters