Global oil demand 'set to rise in 2010'

7 October 2009

Worldwide oil demand is set to pick up next year as the global economy begins to recover from the effects of the recession, according to the latest outlook.

The US Energy Information Administration expects consumption to increase by around 1.1 million barrels a day in 2010 - up from its previous forecast of a 910,000 barrel rise, Reuters reports.

It also raised its outlook for demand during the final three months of this year, citing an expected economic recovery in Asia as the main reason behind the decision.

Energy consumption has slumped since the onset of the recession, sending oil prices plummeting to less than $33 (€22.42) a barrel at the height of the crisis last December.

However, the anticipated upturn in demand could see crude values begin to edge higher, meaning Irish residents might wish to stock up on supplies of home heating oil now to avoid any potential rise in costs.

In early morning trading today (October 7th), US crude has already gained 52 cents to reach $71.40 a barrel by 06:55 BST, while London Brent crude rose 61 cents to stand at $69.17.

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