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IEA: World oil demand to reach 89 million b/d by 2014

07/12/2009
The latest forecast by the International Energy Agency states that global oil demand will rise 0.6%/year during 2008-14, pushing demand to average 89 million b/d in 2014 from 85.8 million b/d last year.In its Medium-Term Oil Market Report, IEA bases its outlook on the International Monetary Fund’s economic forecast, which sees global economic activity gradually rebounding by nearly 5%/year from 2012 onwards.Developing countries, those that are not members of the Organization for Economic Cooperation and Development, will drive oil-demand growth, while oil consumption within the OECD will decline over the forecast period, IEA said.Also, transportation fuels will drive the growth in o...
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