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International Energy Agency forecasts 1.5% increase in 2011 oil consumption

13-Sep-2010 11:41 AM

International Energy Agency released its monthly Oil Market Report, raising its 2010 global crude oil consumption forecast by 50,000 barrels per day to 86.6 million and maintaining its 2011 outlook at 87.9 million barrels per day (Bloomberg, 11-Sep-2010). World demand is expected to decline 2.2% in 2010, then climb 1.5% in 2011. The agency believes there is “significant downside risk” in growing stockpiles and slowing Asia consumption.

International Energy Agency: “Nagging concerns over the robustness of economic recovery, a US gasoline season which ended with a whimper, and questions on the durability of still-robust non-OECD demand growth are holding at bay perceived short-medium term supply risks. Economic risks that are skewed to the downside could place a ceiling over prices in the next 12 to 15 months … On the other hand, our base case suggests a market tightening again from mid-2011 onwards,” Agency statement. Source: Bloomberg, 10-Sep-2010.