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Monday, July 13, 2009

Rally seen in oil demand in 2010, but not in 2009

LONDON Ñ Global oil demand is projected to rebound in 2010 despite the continuing economic crisis.   

The International Energy Agency said global oil demand would rise by 1.7 percent in 2010.

The agency, in a report issued on July 10, said the increase in demand would be fueled by rising consumption.


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IAE, however, said energy demand would continue to decline in 2009 by at least 2.9 percent, Middle East Newsline reported. But in 2010, global oil consumption was expected to reach 85.2 million barrels per day, up from 83.8 million this year.

David Fyfe, head of the IEA's oil industry and market division, said the crude oil market was dependent on the global economy. Fyfe said IAE's forecast should not be regarded as signaling an end to the economic crisis.



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