Global oil demand to grow on China, India
Wednesday, 14 July 2010
PARIS, July 13 (Commodity Online): Global oil demand is likely to rise next year. In its monthly report on the oil markets, the International Energy Agency (IEA) 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 per cent rise on this year, boosted by increase in demand from emerging economies such as China and India despite a drop in rich countries' appetite for oil, IEA added.
But demand in rich countries will resume its decline, falling by 0.5 per cent compared with 2010, despite faster growth in the global economy. Rich countries are seeking fuel efficiency and Chinese stimulus measures are being withdrawn, the IEA said.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, a grouping of the world's richest nations, said its outlook for 2010 is largely unchanged at 86.5 million barrels a day, a 2.1 per cent 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 that delays to new projects following the Gulf of Mexico oil spill have shaved 30,000 barrels per day off both 2010 and 2011 US crude production.
Further cuts could come if wide-reaching drilling restrictions arise from the disaster enquiry, the agency said.
BP robots attached a new, tighter-fitting cap on top of the gushing Gulf of Mexico oil leak Monday, raising hopes that the crude could be kept from polluting the water for the first time in nearly three months.
The Obama administration has issued a revised moratorium on deep-water offshore drilling to replace the one that was struck down by the courts.
That's a 1.6 per cent rise on this year, boosted by increase in demand from emerging economies such as China and India despite a drop in rich countries' appetite for oil, IEA added.
But demand in rich countries will resume its decline, falling by 0.5 per cent compared with 2010, despite faster growth in the global economy. Rich countries are seeking fuel efficiency and Chinese stimulus measures are being withdrawn, the IEA said.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, a grouping of the world's richest nations, said its outlook for 2010 is largely unchanged at 86.5 million barrels a day, a 2.1 per cent 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 that delays to new projects following the Gulf of Mexico oil spill have shaved 30,000 barrels per day off both 2010 and 2011 US crude production.
Further cuts could come if wide-reaching drilling restrictions arise from the disaster enquiry, the agency said.
BP robots attached a new, tighter-fitting cap on top of the gushing Gulf of Mexico oil leak Monday, raising hopes that the crude could be kept from polluting the water for the first time in nearly three months.
The Obama administration has issued a revised moratorium on deep-water offshore drilling to replace the one that was struck down by the courts.