Developing countries to fuel rise in oil demand
By Emma Vandore |
July 14, 2010, Wednesday
|
Print Edition
Print Edition
THE International Energy Agency said yesterday that world oil demand would rise next year fueled by economic growth in developing countries, despite a drop in rich countries' appetite for oil.
In its monthly report on the oil markets, the Paris-based agency said global oil demand for next year should rise by a daily 1.3 million barrels to 87.8 million barrels a day.
That's a 1.6 percent rise on this year, boosted by a 3.8 percent annual increase in demand from emerging economies, including China.
But demand in rich countries will resume its decline, falling by 0.5 percent compared with 2010. Rich countries are seeking fuel efficiency and Chinese stimulus measures are being withdrawn, the IEA said.
The agency, the energy arm of the Organization for Economic Cooperation and Development, said its outlook for 2010 is largely unchanged at 86.5 million barrels a day, a 2.1 percent increase from 2009.
"Non-OECD Asia, the Middle East and Latin America will continue to command the lion's share of oil demand growth in 2011," the agency said in its report.
The IEA said delays to new projects following the Gulf of Mexico oil spill have shaved 30,000 barrels per day off both 2010 and 2011 United States crude production.
Further cuts could come if wide-reaching drilling restrictions arise from the disaster enquiry, the agency said.
In its monthly report on the oil markets, the Paris-based agency said global oil demand for next year should rise by a daily 1.3 million barrels to 87.8 million barrels a day.
That's a 1.6 percent rise on this year, boosted by a 3.8 percent annual increase in demand from emerging economies, including China.
But demand in rich countries will resume its decline, falling by 0.5 percent compared with 2010. Rich countries are seeking fuel efficiency and Chinese stimulus measures are being withdrawn, the IEA said.
The agency, the energy arm of the Organization for Economic Cooperation and Development, said its outlook for 2010 is largely unchanged at 86.5 million barrels a day, a 2.1 percent increase from 2009.
"Non-OECD Asia, the Middle East and Latin America will continue to command the lion's share of oil demand growth in 2011," the agency said in its report.
The IEA said delays to new projects following the Gulf of Mexico oil spill have shaved 30,000 barrels per day off both 2010 and 2011 United States crude production.
Further cuts could come if wide-reaching drilling restrictions arise from the disaster enquiry, the agency said.
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