Global Recovery Forces IEA To Hike Oil Forecasts

Oil Demand 2

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.

IEA Oct 9

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