Industry experts bearish on IEA oil demand
Industry experts at the annual Oil & Money Conference in London this week challenged International Energy Agency (IEA) forecasts for demand growth.
The IEA recently increased its prediction for global oil demand by 200,000 barrels per day for 2009 and by 350,000 bbls/day for 2010. Current IEA prediction levels for global oil demand stand at an average of 84.6 million bbls/day for 2009 and 86.1 million barrels/day in 2010, implying yearly growth of –1.7 mb/d and 1.4 mb/d, respectively.
Ian Taylor, president and chief executive of Vitol Group, said he was uncertain about demand growth for oil returning to those levels. "People have been
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