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Jul 10, 2009, 8:20 GMT

Global oil demand is expected to rebound next year, agency says

Paris - Global demand for oil, which fell in 2008 and is projected to fall again this year, will rebound in 2010, driven largely by emerging economies, the International Energy Agency (IEA) said Friday. 'Global oil demand is expected to bounce back by 1.7 per cent, or 1.4 mb/d (million barrels per day) year-on-year to 85.2 mb/d,' the IEA said in its Monthly Oil Report. The rebound is projected to be led by countries outside the Organization of Economic Cooperation and Development (OECD). OECD oil demand in 2010 is expected to rise by a modest 0.2 per cent over this year, as most economies recover from the deepest slump in more than 50 years, the IEA said. Non-OECD oil demand is seen to grow by 3.5 per cent next year year-on-year, with China, the Middle East and Latin America playing prominent roles in the rebound. The outlook for global oil demand in 2009 remains largely unchanged, falling by 2.9 per cent, or 2.5 mb/d, compared to last year, the IEA said.

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