IEA increased the prediction for crude oil demand
International Energy Agency (IEA) raised its forecasts for oil consumption in the world for the second consecutive month due to increased market demand in Asia, which is greater than expected. In the new forecast, the IEA has written that the demand for oil will be 86.6 million barrels per day or by 70 thousand more than what was mentioned in the previous analysis. Compared to 2009 this would rise by 1.6 million barrels per day, or .1.8%, indicating Bloomberg, citing agency data. Engine of growth will be countries outside the club of industrial nations - the Organization for Economic Cooperation and Development (OECD). Global consumption of oil recovered to positive growth in the last quarter of 2009 after five consecutive quarters of decline, says the analysis yet. About one third of the growth in supply of raw materials will be due to growing demand in China, since it is possible more strongly accelerating growth, if Beijing continues to stimulate economic measures.
The Crude Oil consumption in countries that do not belong to the OECD is expected to be 41.2 million barrels per day, or 4.3 percent more than in 2009
Tags: crude oil, Demand, Energy Agency, IEA, International Energy Agency, OECD