Thursday, January 20, 2011

IEA Raises 2011 Global Oil Demand Forecast; Revises Up Global Oil Demand Growth for 2010

by David Rachovich
In its latest monthly Oil Market Report (OMR), released on January 18, the International Energy Agency (IEA) claims that global oil product demand for 2010 and 2011 is revised up by an average of 320,000 barrels a day (b/d) on higher-than-expected submissions, reflecting buoyant global economic growth and cold northern hemisphere weather. Global oil demand, assessed at 87.7 million b/d in 2010 (+2.7 million b/d year-on-year or 3.2% growth), rises by 1.4 million b/d to 89.1 million b/d in 2011.

Highlights of the latest OMR are available at

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