London News June 11, the International Energy Agency (IEA) said global oil demand this year will shrink less than the previously forecast range, the first time in nearly a year because of increase in global oil demand in 2009. Oil demand forecast on the amendment earlier this year because of stronger than expected demand in developed countries, which is in August 2008 the first time since the revised IEA forecast demand.
IEA in its monthly oil market report that "the amendment does not necessarily imply that the global economy started to recover, may only signal the economy has bottomed out."
2009 world oil demand forecast on 2.47 million barrels per day is expected to shrink to 8,330 million barrels per day. On the previous IEA oil demand is expected to shrink 2.56 million barrels per day. IEA says oil output in May to increase the discharge rate of OPEC production agreement in April from 76% to 74%.
Source: www.in-en.com Jun. 11, 2009
