Global oil demand to grow in China, India

In its monthly report on the oil markets, the International Energy Agency (IEA) said global oil demand for next year should rise by a daily 1.3 million barrels to 87.8 million barrels a day. That’s a 1.6% rise on this year, boosted by increase in demand from emerging economies such as China and India despite a drop in rich countries’ appetite for oil, IEA added. But demand in rich countries will resume its decline, falling by 0.5% compared with 2010, despite faster growth in the global economy. Rich countries are seeking fuel efficiency and Chinese stimulus measures are being withdrawn, the IEA said. The agency, the energy arm of the Organization for Economic Cooperation and Development, a grouping of the world’s richest nations, said its outlook for 2010 is largely unchanged at 86.5 million barrels a day, a 2.1% increase from 2009. (July 14, 2010)