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Thursday, September 02, 2010
Thursday, September 02, 2010
Latest Procurement News
Posted: Wednesday, March 17, 2010, 9:02AM
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"Global Sourcing"
China fuels global growth in oil demand
A leap in oil demand in China this January has led the International Energy Agency (IEA) to revise its global oil demand forecast.The forecast in the IEA's monthly oil market report has been revised upwards for the second time this year to 86.6 million barrels per day, a gain of 70,000 barrels per day and a rise of 1.8 per cent on 2009 levels.
The agency raised its 2010 demand forecast for China by 130,000 barrels per day to 9 million barrels per day, representing an increase of 6.2 per cent from 2009.
China will account for almost a third of global oil demand growth this year it predicts. It also noted that preliminary data indicates that Chinese apparent demand surged by an "astonishing," 28 per cent year-on-year in January alone.
According to the IEA, "this year's global oil demand growth will be driven entirely by non-Organisation for Economic Cooperation and Developement (OECD) countries, with non-OECD Asia alone representing over half the growth."
Procurement Tag - Global Sourcing
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