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Oil demand for 2010 'higher than expected'

09 October, 09
Diesel fuel prices could be set to increase as experts have released better-than-expected predictions for global oil demand in 2010.

The International Energy Agency (IEA) estimates that over the course of 2009, production would average at 84.6 million barrels a day, an increase of 200,000 from its original expectations.

It also announced that it expects to see demand for 86.1 million barrels a day in 2010.

David Fyfe, head of the IEA's oil industry and markets division and author of the report, explained that the increased demand would be down to an upturn in the global financial markets.

"We're looking at a fairly robust rebound in demand next year," he told Ireland's Independent newspaper.

However, the report did hold some good news for diesel users, stating that the increased worldwide demand should be matched by higher levels of production from the Organisation of Petroleum Exporting Countries.

Recently, oil prices have risen as investors have benefitted from the weakness of the dollar.ADNFCR-2675-ID-19402489-ADNFCR

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Oil demand for 2010 'higher than expected'