February 15, 2007

International Energy Agency forecasts growth for global oil demand in 2007

Paris, France – The International Energy Agency (IEA) has predicted that global oil demand in 2007 will increase at almost double last year’s pace, based on increasing demand in China and the Middle East. The statement was made in the IEA’s monthly Oil Market Report.

The IEA raised its assessment of demand growth in 2006 to 84.5 million barrels per day (BPD) and says it sees demand in 2007 reaching 86.0 million BPD. China’s consumption reached 7.1 million BPD in 2006, and the IEA says it now expects that number to grow to 7.6 million BPD. That 6.1 per cent increase compares to the IEA’s prior forecast of 5.4 per cent growth.

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