Global oil demand to outgrow decline

07/05/2010
Global oil demand will grow more this year than it declined in 2009 and will surpass the 2007 record high "at least 2 years earlier than consensus projections" a year ago, said Paul Horsnell, managing director and head of commodities research at Barclays Capital.The firm expects the first annual demand increase since 2005 among members of the Organization for Economic Cooperation and Development this year. "The latest Joint Oil Data Initiative (JODI) release shows a better profile for OECD demand, recording the first 2 successive months of year-over-year OECD demand growth since January 2006," Horsnell said."Oil demand surprised to the upside in the second half of...
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