Industry experts bearish on IEA oil demand

ist-7309225-oilpumpjack

The IEA recently increased its prediction for global oil demand by 200,000 barrels per day for 2009 and by 350,000 bbls/day for 2010. Current IEA prediction levels for global oil demand stand at an average of 84.6 million bbls/day for 2009 and 86.1 million barrels/day in 2010, implying yearly growth of –1.7 mb/d and 1.4 mb/d, respectively.

Ian Taylor, president and chief executive of Vitol Group, said he was uncertain about demand growth for oil returning to those levels. "People have been sayin