LONDON - GLOBAL oil demand will bounce back by 1.7 per cent, or 1.4 million barrels per day (bpd), year-on-year in 2010, led by rising consumption in emerging economies, the International Energy Agency said on Friday.
NOT MUCH FOR OPEC
OPEC members have promised to reduce their oil output by 4.2 million bpd from the level they produced last September in response to a sharp decline in oil demand triggered by the global economic downturn.
But as oil prices have risen, several Opec members have begun to produce more oil than their implied output quotas.
Making its first 2010 forecast in a monthly report, the adviser to 28 industrialised countries predicted oil demand next year would reach 85.2 million bpd next year, from 83.8 million bpd this year.
It said the demand outlook for this year was 'effectively unchanged' - down 2.9 per cent, or 2.5 million bpd compared with last year.
Mr David Fyfe, head of the IEA's oil industry and market division, said the extent of recovery in world oil demand would rest on the performance of the global economy and prices.
'It's highly dependent on economic recovery materialising and the expectation (oil) prices will remain in a relatively moderate range,' he said.
He said a small upward revision in the estimate for oil demand this year 'should not be interpreted as green shoots'.
The 11 members of the Organisation of the Petroleum Exporting Countries subject to output curbs pumped 75,000 bpd more in June, compared with the previous month - taking their compliance with promised cuts down to 68 per cent from a revised estimate of around 69 per cent in May.
The latest Reuters survey pegged Opec compliance at 72 per cent. -- REUTERS
