Oil: Global demand revised upward for 2009 and 2010
For the first time since 2008, global demand is on track to resume growth in the fourth quarter of 2009. This is the conclusion of the monthly report released Thursday by the International Atomic Energy Agency (IEA). The Paris-based organization has raised its estimate for world demand this year to 84.8 million barrels per day (bpd), down 1.7% on a year while she was counting on hitherto a contraction of 1.9%. This upward revision is due to increased demand in the fourth quarter of this year. Subsequently, demand should rise to 86.2 mbd in 2010, an increase of 1.6% over one year, thanks to strength in emerging markets.
The agency, which represents the interests of consumer countries concerned, however, this increase in demand which would add additional pressure to oil prices, which currently evolve around $ 80, after falling below 35 dollars at the end 2008 at the height of the crisis. "The rebound in global oil demand could be much more limited if the price increases continued in 2010," says the Agency. According to her, too sharp rise in prices of black gold could slow the rebound of the economy that is currently taking place in most Western economies, including the United States, the largest consumer of oil in the world.
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