Thursday, July 29, 2010

IEA: oil demand in 2010 will grow by 1.7% from countries outside the OECD

Sunday, July 12, 2009, 10:04
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World demand for oil will begin to recover in 2010, largely at the expense of countries outside the Organization for Economic Cooperation and Development (OECD), said in a report the International Energy Agency (IEA).

According to the IEA, in 2010 demand for oil will grow by 1.7% or 1.4 million barrels per day (bpd), compared with the year 2009 - up to 85.2 million bpd.

We expect recovery in demand, based on projections of the largest institutions. However, there are still significant concerns in this regard. Data on demand in 2009 look weak in terms of market trends, - said the representative of the IEA, David Fife, the words which leads agency Bloomberg.

In 2009, the IEA expects demand for oil at 2.9% or 2.5 million bpd, compared with last year - up to 83.3 million bpd.

In doing so, the IEA raised the forecast of oil countries outside OPEC this year by 330 thousand b /d from Russia. Under the new assessment, oil supplies from these countries in 2009 will grow by 190 thousand b /d over the previous year - up to 50.8 million bpd, although the IEA previously expected decline in oil production outside OPEC.

In 2010 this figure will grow to 51.2 millionbpd by the projects in Azerbaijan, Brazil, Gulf of Mexico and the development of oil sands of Canada. Supplies from OPEC to increase significantly next year, said Energy Agency.


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