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Tue 13 Jul 2010 03:29 PM

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IEA forecasts slower oil demand growth in 2011

Global oil demand seen to grow by 1.35 million bpd next year to 87.84 million bpd.

IEA forecasts slower oil demand growth in 2011
GLOBAL DEMAND: The IEA raised its oil demand growth forecast for this year by 80,000 bpd to 1.77 million bpd.(Getty Images)

Global oil demand growth will slow next year, leaving the market with comfortable supplies until at least the middle of next year, the International Energy Agency said in its monthly Oil Market Report on Tuesday.

Global oil demand will grow by 1.35 million barrels per day (bpd) next year to 87.84 million bpd, the IEA said in its first 2011 demand projection in a monthly report.

"In short, markets in 2011 may prove 'not too hot, not too cold.' Whisper it quietly, but we might, just might, be in for some market stability for a while longer," the report said.

The IEA raised its oil demand growth forecast for this year by 80,000 bpd to 1.77 million bpd. (Reuters)

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