The International Energy Agency Thursday raised its 2010 world oil demand forecast, on stronger-than-expected demand but said up to 300,000 barrels a day of future U.S. output may be at risk if a U.S. drilling moratorium is extended.
The International Energy Agency Thursday raised its 2010 world oil
demand forecast, on stronger-than-expected demand but said up to 300,000
barrels a day of future
U.S.
output may be at risk if a
U.S.
drilling moratorium is extended.
In its monthly oil market report, the Paris-based agency increased its global
oil demand forecast by 60,000 barrels a day to 86.4 million barrels a day in
2010.
The revision contrasts with a cut in forecasts by the Organization of Petroleum
Exporting Countries Wednesday of about 10,000 barrels a day. OPEC kept its
demand view substantially lower than the IEA at 85.37 million barrels a day.
The IEA, which acts as an energy watchdog for largely wealthy nations like the
U.S.
, is
generally among the more optimistic about oil demand this year compared with other
industry forecasters.
It said that "if
North America
's strong preliminary
estimates are confirmed," oil demand in the Organisation for Economic
Co-operation and Development, or OECD, "could briefly buck the decline
observed in the previous four years." The agency also boosted non-OPEC
output forecasts by 65,000 barrels a day to 52.3 million barrels a day on
slower-than-expected
North Sea
decline.
The forecasted increase comes despite a six months moratorium on most deepwater
drilling in the U.S. Gulf of Mexico following an explosion and a huge spill at
BP PLC's (BP) Macondo well on April 20.
Though it said current output was unaffected, the IEA said the moratorium
could, if extended, shave 100,000 barrels a day to 300,000 barrels a day off
its forecast on
Gulf of Mexico
output by 2015.
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