Oil demand seen up in 2011 on growth, cold winter

By ASSOCIATED PRESS
January 18, 2011 15:30




PARIS  — Buoyant worldwide economic growth and a cold winter in the Northern Hemisphere will underpin higher-than-expected oil demand this year, the International Energy Agency predicted Tuesday.

The Paris-based agency said it expects oil demand this year will rise to 89.1 million barrels a day — up from 87.7 million barrels a day in 2010. Last month the IEA forecast 2011 oil demand would hit 88.8 million barrels a day.

The IEA warned that currently high crude oil prices could put a brake on economic recovery and said oil producers, financial investors and consumers would all suffer if prices linger around $100 a barrel this year.


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