IEA trims 2010 oil demand growth

LONDON (Reuters) World oil demand will rise less than previously thought Canada Goose sale next year Canada Goose Coats On Sale and evidence of a out canada goose clearance of the recession is patchy at best, the International Energy Agency canada goose black friday sale said on Wednesday.

The outlook from the IEA, which advises 28 consumer countries, follows two other cautious forecasts on oil demand this week. Oil prices eased following its release and were trading below $70 a barrel.

of a bottoming out of the buy canada goose jacket recession is still a bit patchy. The latest data on industrial production for some of the larger countries remains negative, David Martin, analyst at the IEA, told Reuters.

is not clear evidence yet we have seen the worst.

World oil demand will rise by 1.3 million barrels per day (bpd) in 2010 to average canada goose uk black friday 85.3 million bpd, the Paris based IEA said in its latest buy canada goose jacket cheap monthly report. The increase is 100,000 bpd less than previously forecast.

The agency also revised upwards global outright demand in 2010 by 70,000 bpd on the basis canadagooseparks of higher fuel use in cheap canada goose uk Asia and Canada Goose online made a larger upward adjustment for 2009 demand, which is now assessed at 83.9 million bpd.

That barely changes the sharp contraction in world oil demand expected in 2009 because of the recession, the IEA said, forecasting fuel use this year would be 2.35 million bpd lower Canada Goose Parka than in 2008.

The IEA cited a contraction in industrial production as a major limitation on demand and said global gas oil consumption a key indicator of economic health was significantly subdued.

Only canadian goose jacket China and India were registering growth in industrial production uk canada goose and elsewhere production was still contracting, although the pace of contraction had slowed.

the amelioration of some economic indicators in a few countries, the most that can be said is that the global economy may be Canada Goose Outlet stabilizing, the IEA said canada goose coats in its report.

NO INVENTORY DECLINE Partly because of insipid summer gasoline demand in the United canada goose uk outlet States, the drawdown canada goose black friday in fuel inventories typical of this time of canada goose clearance sale year has not happened.

The IEA said stocks in developed countries still equated to 61.7 days of future demand at the end of June, unchanged from the previous month, which was revised lower from July report.

Global canada goose factory sale oil supply uk canada goose outlet rose by 570,000 bpd in July to 85.1 million bpd, of canada goose uk shop which around two thirds came from non OPEC countries.

Still, Canada Goose Jackets compared with canada goose coats on sale July last year, global oil cheap Canada Goose supply has contracted by 2.6 million bpd, almost entirely because of OPEC crude production cuts.

Output from the Organization of the Petroleum Exporting Countries fell in July by around 100,000 bpd to 28.64 million bpd, the IEA said, citing record low output from Nigeria.

Production by the 11 OPEC members with output targets, which exclude Iraq, was down by 120,000 bpd at 26.12 million bpd 1.28 million canada goose bpd above the group agreed production ceiling.

Other estimates of OPEC supply, including figures given by OPEC in a report on Tuesday, found output rose in July. The IEA estimates Saudi Arabia pumped 8.3 million bpd in July, 250,000 bpd more than OPEC figure.

Total non OPEC supply for 2009 was revised upwards by 160,000 bpd, chiefly because of canada goose store stronger than expected Russian output. It is now seen at 51 million bpd in 2009 and will rise by 440,000 bpd in 2010.

Demand for OPEC crude, which averages 27.7 million Canada Goose Online bpd in 2009 and 27.8 million bpd in 2010, is trimmed slightly for the second half of this year and next year as the higher non OPEC supply offsets the impact of more consumption.