China forces IEA to boost oil demand forecast
Higher-than-expected demand from China and other Asian countries has forced the International Energy Agency (IEA) to revise up its global oil demand forecast for 2010 by 120,000 barrels a day (b/d) to 86.5 million b/d.
Global demand growth for 2010 is now at 1.6 million b/d, with the rise in growth coming entirely from non‐Organisation for Economic Co-operation and Development (OECD) countries, according to the agency's latest Oil Market Report.
The agency said data showed a "yet again higher-than-expected" rise in demand from China and other Asian countries. It sees Chinese crude demand in 2010 hitting 8.9 million b/d, up 400,000 barrels a day from 2009 and 75,000 b/d higher than its January forecast.
"The
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