IEA predicts global oil demand to rise 1.7%

After a two-year slump, a rebound by 1.4 million barrels a day, or 1.7% in the global consumption of crude oil shall take place next year, according to the International Energy Agency (IEA). In its first 2010 forecast included in a monthly report, the adviser claimed a growth of 85.2 million barrels per day .The expected increase in worldwide demand for crude oil was based on the forecasts of major players in the industry. The extent of this predicted recovery will depend on the overall performance of the worldwide economy and crude oil prices, the IEA said. The agency’s forecasts were based on assumed China gross domestic product (GDP) growth of 6.5% this year and 7.5% in 2010. (July 10, 2009)