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Developing World Driving OiI Demand
March 12, 2010

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Emerging markets are driving unexpectedly strong growth of global oil demand this year, with a big boost from China, despite a fall in advanced economies, the International Energy Agency said on Friday.

The IEA warned that demand for oil, a strong indicator of economic activity, would not recover in advanced economies overall this year, but was signaling an “astonishing” growth trend of 28 percent in China.

The agency raised its forecast for global demand in 2010 to 86.6 million barrels per day from its projection last month of 86.5 mbd — a 1.8 percent increase from 2009.

It said demand from countries would fall by 0.3 percent this year but demand in developing nations would rise by 4.3 percent. AFP




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