The International Energy Agency (IEA)revised upwards its global oil demand forecasts for 2009 and 2010,seeing strong economic growth in China, according to a report released by the agency Wednesday.
In the report, the IEA saw economic recovery outside developed countries of Organization for Economic Co-operation and Development (OECD) "promoting a demand rebound in 2010."
The Paris based agency said Chinese demand had "rebounded" and expected China's oil demand to average 8.1 million barrels per day in 2009 and 8.4 million barrels per day in 2010.
The IEA revised upwards the global oil demand by 190,000 barrels per day for this year, and 70,000 barrels for 2010.
"This barely dents the sharp demand contraction to 83.94 mbd expected this year, while growth in 2010 is slightly lower than previously estimated, at plus 1.6 percent or 1.3 mbd to 85.25 mbd," said the IEA in its report, but noticing that it is still lower 2.7 percent than in 2008.
Oil prices stood below 70 U.S. dollars a barrel on Wednesday.
On Tuesday, the Organization of Petroleum Exporting Countries (OPEC) said the world would need less oil than previous estimated for 2010, and the U.S. Energy Information Administration (EIA) revised downwards its global oil demand forecasts for 2009.