According to Bloomberg News on August 12, the International Energy Agency (IEA), an energy adviser to 27 industrialized countries, recently raised its forecast for global oil demand in 2009 and stated that the agency expects China’s oil consumption to After the Olympic Games will increase.
The International Energy Agency, headquartered in Paris, France, said in its monthly report on August 12 that the IEA has increased its global oil demand forecast for 2009 by 70,000 barrels to 87.8 million barrels. Last week’s Turkish pipeline explosions may have reduced oil production from Azerbaijan by 30% during the quarter, while military operations in Georgia will further threaten global oil supplies.
David Faeve, an IEA supply analysis expert, said in a telephone interview: “We are still observing the changes in China’s oil demand this year and next year. We are observing the dual market, increasing demand for emerging economies and decreasing demand in developed marketsâ€.
The IEA said that as the consumers of the world's fastest growing economic powers will spend more fuel on tourism, China’s oil demand is expected to increase by 5.7% in 2009. The “small revisions†to global growth forecasts and predictions that German reconstruction has depleted civilian fuel oil stocks are also reasons to adjust the global oil demand forecast next year.
The report said that China’s oil demand “will likely rebound after the Olympic Games are overâ€. The Chinese government adopted many measures to curb pollution during the Olympic Games.
The International Energy Agency, headquartered in Paris, France, said in its monthly report on August 12 that the IEA has increased its global oil demand forecast for 2009 by 70,000 barrels to 87.8 million barrels. Last week’s Turkish pipeline explosions may have reduced oil production from Azerbaijan by 30% during the quarter, while military operations in Georgia will further threaten global oil supplies.
David Faeve, an IEA supply analysis expert, said in a telephone interview: “We are still observing the changes in China’s oil demand this year and next year. We are observing the dual market, increasing demand for emerging economies and decreasing demand in developed marketsâ€.
The IEA said that as the consumers of the world's fastest growing economic powers will spend more fuel on tourism, China’s oil demand is expected to increase by 5.7% in 2009. The “small revisions†to global growth forecasts and predictions that German reconstruction has depleted civilian fuel oil stocks are also reasons to adjust the global oil demand forecast next year.
The report said that China’s oil demand “will likely rebound after the Olympic Games are overâ€. The Chinese government adopted many measures to curb pollution during the Olympic Games.