IEA raises oil demand outlook on China consumption

The International Energy Agency on Wednesday raised its forecast for 2009 and 2010 global oil demand, citing strong consumption in Asia, especially China, the world's second-biggest consumer.

In a monthly report, the energy adviser to 28 developed countries revised its forecast upward by 190,000 barrels a day for 2009 and 70,000 barrels a day for 2010.

Despite the revision, this year's demand is still expected to remain 2.7% lower than last year's, the IEA said. The world is expected to use 83.9 million barrels a day of oil this year, down from last year's 86.3 million barrels. Consumption will rise to 85.3 million barrels a day in 2010, the IEA forecast.

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- Posted: 2009-08-12 09:38:13

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