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IAE ups oil demand estimates

Date: Friday 12 Mar 2010

IAE ups oil demand estimates

Expectations of strong growth in China and other fast-growing economies prompted the International Energy Agency (IEA) to raise its forecasts for global oil demand for 2009 and 2010.

The IEA has increased its daily consumption estimates by 70,000 barrels a day for both the current and last year.

It thinks oil demand this year will rise by 1.6m barrels a day year-on-year. It now estimates demand was 1.2m barrels a day last year, down by 1.4% from the previous year.

The IEA estimates that demand for oil in January jumped by 28% from the same month the previous year.

It still estimates oil demand from developed countries to fall by 0.3%.

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