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Message: Global oil demand seen rising

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GeorgeW

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Global oil demand seen rising

posted on Oct 09, 09 09:39AM

By THE ASSOCIATED PRESS, cp.org, Updated: October 9, 2009 5:26 AM

Global oil demand seen rising amid recovery

PARIS - Faster economic growth next year, particularly in the developing world, will drive oil demand higher than previously expected, the International Energy Agency said Friday.

The Paris-based IEA, which advises oil-consuming countries, said crude demand would reach 86.1 million barrels a day in 2010, up 1.7 per cent from this year, the IEA said in its monthly oil report. That's up from the IEA's forecast last month for oil demand of 85.7 million barrels a day in 2010.

The IEA said "buoyant economic activity in more oil intensive emerging countries" was largely the cause of its revision. It also noted the International Monetary Fund's move last week to hike its forecast for economic growth next year to 3.1 per cent, up from its April forecast of 1.9 per cent growth.

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