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Global oil demand revised slightly higher for 2010

The Paris-based IEA, which advises oil-consuming countries, said in its monthly report that crude demand would reach 86.3 million barrels a day in 2010, up 1.7 percent from 2009. Last month, the IEA forecast oil demand of 86.2 million barrels a day in 2010.

The forecast for demand in 2009 remained “virtually unchanged” at 84.9 million barrels a day, the IEA said.

While most of the increase in demand next year was seen coming from the developing world, the outlook for industrialized countries was also forecast to improve, particularly in the Pacific, the IEA said.

The agency also revised upward its medium-term forecast for demand, with oil use in Asia’s developing countries exceeding the rise in supply. The IEA said the changes were related to stronger-than-expected oil demand growth in 2009 due to the massive fiscal and monetary stimulus programs and higher forecasts by the International Monetary Fund for economic growth in 2009 and 2010.

These were offset somewhat by expectations of higher oil prices, which could slow the economic growth rate.

The IEA expects global oil product demand to rise annually by 1.2 million barrels a day during the five-year period starting this year, from 84.9 million barrels a day in 2009 to 90.9 million barrels a day in 2014.