The International Energy Agency (IEA) on Friday revised its forecast for global oil demand higher for both 2009 and 2010, citing higher-than-expected non-OECD data, which largely offset persistently weak OECD readings.
Global oil demand is expected to rise by 1.6 million barrels per day (bpd), or 1.8% year-on-year, to 86.6 million bpd day in 2010, the Paris-based said today.
In contrast, demand is estimated to have contracted by 1.2 million bpd, or 1.4% year-on-year, to 85.0 million bpd in 2009.
OPEC expects an expansion of 880,000 bpd, while the U.S. government's energy forecaster predicts growth of 1.5 million bpd.
The agency said oil supply from outside OPEC would rise 300,000 bpd to average 51.8 million bpd in 2010 -- an upward revision of 200,000 bpd from the previous month's forecast.
As a result of the higher demand and non-OPEC supply forecasts, the IEA trimmed its estimate of demand for crude from the Organisation of Petroleum Exporting Countries by 100,000 bpd to average 29.3 million bpd in 2010.
After five consecutive quarters of decline, global oil demand began growing again in the fourth quarter of 2009, the Paris-based IEA said in its monthly report. Growth has been led by LPG and Naphtha on the back of restocking in the petrochemical sector, the IEA said.
In recent days, the Organization of Petroleum Exporting Countries (OPEC) and the US Energy Information Administration have also raised their forecasts for global oil consumption this year. OPEC expects an expansion of 880,000 bpd, while the US government's energy forecaster predicts growth of 1.5 million bpd.
The IEA said that oil supply from outside OPEC would rise 300,000 bpd to average 51.8 million bpd in 2010 - an upward revision of 200,000 bpd from the previous month's forecast.
As a result of the higher demand and non-OPEC supply forecasts, the IEA trimmed its estimate of demand for crude from the OPEC by 100,000 bpd to average 29.3 million bpd in 2010.
Crude oil for April delivery rose 14 cents to US$82.25 a barrel in electronic trading on Globex.