Last Updated :
10 June 2010 at 22:15 IST
Global oil demand likely to surge in 2010: IEA
MUMABAI (Commodity Online): The global demand for 2010 crude oil is forecasted to rise by 60000 barrels a day to 86.4 million barrels, according to International Energy Agency (IEA).
Citing better than expected preliminary economic data from the OECD countries, IEA said the new demand is expected to surge by 2%, or 1.7 million barrels, from 2009 levels.
Total oil supply fell 575,000 barrels a day to 86.3 million barrels in May.
The IEA also commented on the Deepwater Horizon drilling rig sinking, saying the U.S. is now delatedly following the steps taken by the U.K. after the 1988 Piper Alpha disaster -- but it noted that scores of new offshore fields were developed in the subsequent demand.
The longer-lasting impact of Deepwater Horizon on U.S. oil supplies may depend on whether operational negligence on the part of companies or regulators, or rather shortcomings in current operating procedures and regulatory structures, were the key cause.
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