The world economy continues to improve and is now expected to grow by 3.5% in 2010. The OECD is forecast to grow by 1.9% in 2010 compared to the previous forecast of 1.7%. The US is expected to contribute the most within the OECD with growth of 2.6%. Japan is forecast to grow by 1.5% and the Euro-zone by 0.7%. China and India are forecast to contribute significantly to global growth expanding at 9.5% and 7.1% respectively. Challenges to this benign outlook include concerns about the level of public debt in many OECD countries, continued high unemployment levels and the risk of a correction in China if government efforts to avoid overheating misfire.
World oil demand is estimated to have contracted by 1.4 mb/d in 2009, broadly unchanged from the previous report. In 2010, global consumption is projected to increase by 0.9 mb/d, in line with the previous forecast. Economic activities in the US are playing the wild card for the world oil demand growth. All the expected growth in oil demand this year is projected to come from the non-OECD region led by Asia. Overall, most growth will come from transport and petrochemical sectors worldwide.
World oil demand is estimated to have contracted by 1.4 mb/d in 2009, broadly unchanged from the previous report. In 2010, global consumption is projected to increase by 0.9 mb/d, in line with the previous forecast. Economic activities in the US are playing the wild card for the world oil demand growth. All the expected growth in oil demand this year is projected to come from the non-OECD region led by Asia. Overall, most growth will come from transport and petrochemical sectors worldwide.
Read more: http://www.opec.org/opec_web/static_files_project/media/downloads/publications/MR042010.pdf
Source: OPEC