IEA revises up oil demand in 2010 on economic recovery

08:20, August 12, 2010      

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Paris-based energy adviser the International Energy Agency (IEA) upgraded its forecast of global oil demand Wednesday to 86.6 million barrels per day this year, betting on potential growth in the world economy.

The agency's previous forecast 2010 oil demand was 86.4 million barrels per day.

Oil demand is set to increase by 2.2 percent for the whole year of 2010 or 1.8 million barrel per day "on stronger GDP assumptions and baseline adjustments", the agency said in its monthly report.

According to the IEA, global oil requirements will maintain the growth trend in 2011 with an expected 1.5 percent rise in global demand to 87.9 million barrels per day.

A hike in OPEC countries' supply drove the total oil supply up to 87.2 million of barrels per day in July.

As for the quarterly forecast, IEA saw an increase of 1.1 million barrels per day in the global refinery capacity to stand at 74.7 million barrels per day for the third quarter of this year from the same period a year earlier.

The refinery capacity of the second quarter of this year stood at 73.9 million barrels per day, boosted by expansions in China and a recovery in US refinery activity, according to the report.



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