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IEA revises up global oil demand forecast for 2010
Published on December 11, 2009 by oilprices · No CommentsThe IEA today said its forecast for global oil demand forecast is virtually unchanged for 2009 at 84.9 mb/d and at the same time, it revised up its oil forecasts for 2010 by 130 kb/d to 86.3 mb/d.
The IEA forecast 2009 non OPEC supply is raised by 125 kb/d to 51.3 mb/d as Russian gas liquids output is revised up. In addition, the end of the quietest US hurricane season since 1997 has contributed to lift this year’s outlook, the agency said in a statement. By contrast, 2010 supply is revised down by 265 kb/d to 51.6 mb/d, with North American supply now lower.
Moreover, the agency said global oil supply rose by 200 kb/d in November. OPEC crude production increased by 135 kb/d to 29.1 mb/d, its highest level in a year. Largely as a result of lower non-OPEC supply prospects for 2010, next year’s call on OPEC is raised by 0.5 mb/d to 29.0 mb/d, compared with 28.7 mb/d in 2009, the IEA said.