Global oil demand will grow in the fourth quarter of 2009, its first year-on-year increase in fuel use since the second quarter of 2008, the International Energy Agency said.
In its monthly report, the Paris-based adviser to 28 industrialised economies, raised its global oil demand estimate for 2009 to 84.8 million barrels per day (bpd).
Next year oil demand is expected to average 86.2 million bpd, following stronger-than-expected preliminary data in North America and buoyant demand in non-OECD Asia and the Middle East, the report said.
Oil inventories in OECD countries fell to the equivalent of 60.0 days forward demand cover at the end of September, down from 60.9 days at the end of August, the IEA said.
The Organization of the Petroleum Exporting Companies pumped more in oil in October than in September — taking compliance with promised curbs down to 61 percent from 64 percent, the IEA said.
(Arabian Business & Reuters)