World oil demand will pick up during the remainder of 2009 and continue to accelerate in 2010, according to the International Energy Agency (IEA).
“Crude-oil consumption next year – led by emerging markets like China – is forecast to grow by 1.4 million barrels a day, up 350,000 barrels a day … to 86.1 million barrels a day,” writes Spencer Swartz in an article titled “Forecast for Oil Use Increases” in Saturday’s Wall Street Journal.
According to the IEA, world oil demand in 2009 is expected at 84.6 million barrels a day, a 1.7 million barrel a day drop from 2008 levels. Next year’s expected oil demand of 86.1 million barrels a day is on a par with 2007-08 levels.
Guess who has already responded to this market shift? OPEC.
According to the article, the cartel has already upped production numbers and is capitalizing on higher prices. On Friday, oil closed up at $71.77 per barrel.