The global economic recovery has forced the International Energy Agency to increase its oil demand forecasts for what remains of 2009 and for all of 2010.
IEA: Global oil demand now averages 84.6 mb/d in 2009 and 86.1 mb/d in 2010, implying yearly growth of ‐1.7 mb/d and +1.4 mb/d, respectively.
Their demand data shows that we’ve clearly past the trough for oil demand.
We’d even go out on a limb and say that 2009’s low point could end up being one of the lowest demand levels for many years to come.
Today oil is trading up despite a strong dollar.
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