IEA ups China 2009 oil demand forecast

The International Energy Agency raised its forecast for China’s oil demand in 2009, but said question marks over the government’s economic stimulus program and its appetite for continuing to adjust fuel prices meant the outlook was “highly uncertain”. In its November monthly report on the global oil market, the IEA said it now expects China’s oil demand this year to average 8.3 million barrels a day, up 5.7% year on year. This is 40,000 barrels a day more than the agency had previously forecast, and reflected continued growth in demand for products such as bitumen, lubricants and coke. But the IEA stuck by its forecast for China’s 2010 oil demand at 8.6 million barrels a day, stressing the difficulty of looking too far into the future. (November 12, 2009)