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World oil demand growth estimate cut


World oil demand growth estimate cut


Demand will keep rising as the global economy expands but the increase in fuel consumption will be lower next year than it has been in 2010.

That is the latest forecast from the International Energy Agency, which advises major industrial countries on energy policy.

The IEA said global oil supply was more than sufficient to meet current and expected demand over the next year.

“By any measure we have a very well supplied market,” said David Fyfe, head of the IEA’s oil industry and markets division.

“There is a significant cushion of oil supply to cope with unforeseen changes.”

“If the world economy slows, oil demand could be quite a bit lower,” he added.

In its monthly oil market report, the IEA said global demand would average around 86.62 million barrels per day (bpd) in 2010, almost a 1.9 million bpd increase year-on-year.

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