IEA raises 2011 oil demand outlook

The International Energy Agency (IEA) has raised its 2011 global oil demand outlook for the third consecutive month, mainly on robust anticipated demand growth in China. According to the Oil Market Report (OMR) issued in December 2010, global crude oil demand will average 88.8 million barrels per day (bpd) in 2011, an increase of 260,000 bpd from the agency’s previous forecast. The rise in anticipated demand is primarily due to bullish consumption growth in North America and in China. During the first 10 months of 2010, China’s apparent oil demand was 8.57 million bpd, up 10.4% from the same period in 2009. (December 24, 2010)