IEA Says Oil Demand Will Be Higher In 2010

oil iraq tbi

Oil demand will be ever so slightly stronger in 2010, as compared to 2009, according to new estimates from the IEA.

In its monthly oil report released today, the IEA forecasts a 1.7% rise, to 85.2 million barrels of oil per day in 2010. That puts 2010’s global demand about even with 2006 demand.

This follows a report from OPEC earlier this week that oil demand will remain clobbered for the next 4 years. OPEC’s pessimism is based on the recession, which it seems to think will be protracted. More interestingly though, it also thinks that the sky high oil prices from last year scared the hell out many people. That’s going to cause long term oil demand destruction.

From the IEA’s report, we clipped out a few interesting graphs on oil production and supply around the world.

Click through to see them →

The Rebound For Oil

The IEA sees a slight lift in demand.

Obviously, It's All About The Economy

The IEA's projection relies on an economic turnaround, it sees positive GDP and postive oil demand.

Demand Is Way Down In Developed Countries

Developed nations have changed their oil consumption drastically.

The United States: Breaking Its Addiction To Oil?

The recession is really clobbering US oil demand. The IEA thinks it returns to 18.6 million barrels per day in 2010, though.

Plenty Of OIl Sitting Around In The US

Crude stocks in the US are way up.

China Bucking The Trend

While China isn't using as much oil as the rest of the world, it's demand is still growing, and despite the recession, it doesn't look to be easing up.

Supply Slipping

In reaction to lower prices and crumbling demand, oil supply is weakening.

Mexico's Production Problem

Mexico's oil production continues to slip.

Oil Prices

This is the volatility that the CFTC hopes to eliminate. Were do prices go from here? Probably down some more, then right back up.

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