15 January 2010 11:07 [Source: ICIS news]
LONDON (ICIS news)--The growth in oil demand in 2010 will be driven solely by non-OECD countries, with OECD growth remaining flat in 2010, the International Energy Agency (IEA) said in its monthly oil market report on Friday.
Global oil demand forecasts for 2010 were almost unchanged from December’s report, standing at 86.3m bbl/day, up 1.4m bbl/day from 2009’s 84.9m bbl/day. This was as a result of OECD growth forecasts offset by more negative readings of OECD growth.
OECD growth was adjusted down by 50,000 bbl/day on average in both 2009 and 2010, while non-OECD growth was adjusted up by approximately 70,000 bbl/day for both 2009 and 2010.
The non-OECD upward revision was due mainly to stronger-than-expected Chinese data, said the report.
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Elsewhere in the report, global oil supply rose by 270,000 bbl/day in December to 86.2m bbl/day, on both higher OPEC and non-OPEC output.
Crude oil prices spiked to 15-month highs in early January as a result of very cold weather in much of the northern hemisphere and rising geopolitical tensions in key oil producing countries, according to the report.
OECD industry stocks for crude rose by 12.6m bbl in November 2009 to 2,747m bbl, which was a 2% year-on-year increase.
However, the report also stated that preliminary data suggested there had been stock draws in December and early January due to the extreme weather conditions.
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