International Energy Agency Forecasts Increased Global Demand For Oil In 2011
Paris, France (AHN) – Oil demand is expected to increase globally for 2011, according to the International Energy Agency.
IEA released its revised 2011 forecast for global oil demand upward by an additional 1.32 million barrels per day (bpd) because of greater than expected growth in the world’s economy and the recent cold wave.
The agency also revised its estimates for global oil demand for 2010 to 2.5 million bpd.
In addition, the IEA revised its global oil demand growth forecasts upward through 2015 because of expected growth in the U.S. economy.
Despite the forecast for growth, crude oil prices slid back down to $88 per barrel on Friday after reaching a 2 year high of $90.70 per barrel on Tuesday.
Observers expect rising demand in China and other Asian countries, as well as in the U.S., to put strains on oil supplies and put pressure on OPEC nations to produce more oil in 2011.
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