IEA lifts view of oil demand

In its June oil-market report, the International Energy Agency (IEA) said it now expects 2009 global crude oil demand to average 83.3 million barrels per day (bpd), up 120,000 bpd from its May estimate. IEA however predicted a 2.9% or 2.5 million bpd year-on-year drop in global crude oil demand. Much of the change in crude oil demand has been due to a rise in the production of plastics and petrochemical products in Asia, as well as an increase in Chinese oil storage demand. (June 12, 2009)