IEA Raises Global Oil Demand Expectations for 2009 and 2010
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In its monthly report, the IEA increased its global daily demand in 2009 by 200,000 barrels to 84.6 million barrels, and increased its global daily demand in 2010 by 350,000 barrels to 8.610 million barrels.
The IEA said that although demand shrinks at a significantly faster pace, it expects to see annual growth in the fourth quarter of 2009. The outlook for 2010 is still full of uncertainty.
At the same time, the output of 11 member countries of the Organization of Petroleum Exporting Countries (OPEC) rose to 26.42 million barrels per day, which is higher than the target of 24.845 million barrels per day.
The IEA has raised oil demand in developed countries in the Asia Pacific region by about 1%, saying that the average oil demand of the OECD Pacific member countries in 2009 is expected to be 7.6 million barrels per day, which is 7 times higher than expected in July. Millions of barrels.
New expectations indicate that demand will decline by 5.9% from the previous year, which is a reduction of 480,000 barrels per day, and the previous forecast decline of 7.5%. The IEA revised its demand data for July upwards by 110,000 barrels per day to 7.22 million barrels per day due to strong consumer spending in Japan.
The International Energy Agency said that in August, Japan’s oil demand fell by 1.5% from the same period of last year. The decline was smaller than the double-digit decline for the most part of the past year, due to strong rebound in transportation fuel demand.
The report added that, instead, the rebound in demand for oil in South Korea was suspended in August. After strong growth in the first two months, August’s increase was only 1% from the same period of last year.
The agency said that the maintenance of the cracker may lead to a slight decline in naphtha shipments, while diesel consumption fell 4.6% from the same period last year, because of the relatively strong demand in August 2008.