IEA forecasts strong rebound in oil demand

IEA forecasts strong rebound in oil demand
AP
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First Published: Fri, Jul 10 2009. 01 30 PM IST
Updated: Fri, Jul 10 2009. 01 30 PM IST
Paris: Global oil demand will rebound 1.7% next year as recovery in developing countries helps counter a two-year drop in oil usage sparked by the global recession, the International Energy Agency said Friday.
The Paris-based agency predicted on Friday in its closely watched monthly survey that global oil demand will increase by 1.4 million barrels a day in 2010 to 85.2 million barrels a day.
The IEA said this “strong rebound” would be led by growth in countries outside the rich-world Organization for Economic Cooperation and Development, but added that OECD countries should also post “a modest recovery.”
A rebound in oil demand next year would mark the end of two straight years of falling global oil demand, the first back-to-back yearly drop the world has seen since 1982-1983.
The IEA left its forecast for 2009 oil demand unchanged, and still expects it to drop 2.9%, following a 0.3% decline in 2008.
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First Published: Fri, Jul 10 2009. 01 30 PM IST