IEA raises global oil demand forecast for 2010

Global oil demand in 2010 was forecast to increase by 30,000 barrels per day (bpd), the International Energy Agency (IEA) said Tuesday in its monthly report, attributing the jump to the ongoing economic recovery and improved refinery industries.

The the Paris-based agency revised up its forecast of oil demand for this year to 86.6 million bpd, citing better-than-expected data of North America and European countries, as well as Asian and Middle Eastern regions.

For 2009, the demand data was revised up by 30,000 bpd to 84.9 million bpd.

Non-OPEC output was lifted by 220,000 bpd to 52 million bpd in 2010, notably due to the contribution from Canada and Russia, according to the IEA.

For the first quarter of 2010, global refinery output was estimated at 72.5 million bpd, 800,000 bpd more than the same period of 2009, the agency said, noting the growth was the first annualized increase since the second quarter of 2008.

In early April, the crude oil futures hit an 18-month high of 86.64 U.S. dollars per barrel. However, overheating concerns over the oil market remain, the agency warned.

Source: Xinhua