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October 10, 2009

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Faster recovery in oil demand

WORLD oil demand will recover at a faster pace than previously expected next year on a more optimistic economic outlook, the International Energy Agency said yesterday.

In a monthly report released yesterday, the agency, which advises 28 industrialized economies, raised its global oil demand forecast for 2010 to 86.05 million barrels per day, up 350,000 bpd from its previous projection, reflecting more optimistic economic projections from the International Monetary Fund and stronger data for the Americas and Asia.

"Demand is nudging higher," David Fyfe, head of the IEA's Oil Industry and Markets Division, told Reuters.

"On the assumption that we are not in a double-dip situation economically speaking, we would still expect a pick-up in demand next year."

Oil stocks in the Organization of Economic Cooperation and Development countries fell to the equivalent of 60.7 days of forward demand cover at the end of August, down from 61.4 days at the end of July, it said.

The Organization of Petroleum Exporting Countries pumped more oil in September than in August -- complying with promised output curbs down to 62 percent from 66 percent, the IEA said.

OPEC decided to leave its official output target unchanged at a meeting in September, but lower supply from the group could still tighten the market, the IEA said.


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