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Developing Countries Lead the Way to Increase World Oil Demand

Middle East : 13 March 2010

While there may have been a decrease in oil demand in some sectors of the world it is now looking that other developing nations may counteract this shortfall by actually increasing their demand for oil.

At the top of the growth list is China which it is estimated will account for approximately one third of the overall increase in oil demand for 2010 according to the International Energy Agency.

The IEA have predicted an increase to 86.6 million barrels per day (mbd) from its projection last month of 86.5 mbd—a 1.8-percent increase from 2009 demand levels.

While China’s demand looks set to increase it is the countries’ which form the Organization for Economic Cooperation and Development more commonly known as the OECD that looks set to decrease their overall oil consumption. Among the countries listed as being part of this organization are Britain, France, Germany, Japan and the United States

The IEA gency has also predicted in their monthly review that this years’ global oil demand growth is going to be entirely driven by non-OECD countries and Asia alone is going to account for more than half of the total growth in the demand for oil.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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