World economic growth is kept unchanged at 3.5% for 2010. While the US, Japan and China showed encouraging signs of a recovery, the Euro-zone has just managed to avoid a spillover of the sovereign debt crisis of Greece to other economies. OECD growth remains unchanged at 1.9%, as the US forecast was increased to 2.8% from 2.6% and the Euro-zone’s forecast was revised down to 0.6% from 0.7%. China is expected to grow by 9.5% in 2010 and India by 7.1%. The global economy is improving, but the challenges of sovereign debt in the developed countries, the ability of China to avoid overheating and persistently high unemployment levels need careful monitoring.
World oil demand estimate for 2009 remains broadly unchanged, showing a contraction of 1.5 mb/d. In 2010, global demand growth is expected at 0.9 mb/d, in line with the previous month’s forecast. Although the economic recovery shows signs of improving momentum, important risks remain that could impact demand growth expectations for this year. China has been among the main drivers behind oil demand growth so far this year, which should continue for the rest of the year despite the recent price increase in its gasoline and diesel retail sales by 4.5% and 5% respectively.
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World oil demand estimate for 2009 remains broadly unchanged, showing a contraction of 1.5 mb/d. In 2010, global demand growth is expected at 0.9 mb/d, in line with the previous month’s forecast. Although the economic recovery shows signs of improving momentum, important risks remain that could impact demand growth expectations for this year. China has been among the main drivers behind oil demand growth so far this year, which should continue for the rest of the year despite the recent price increase in its gasoline and diesel retail sales by 4.5% and 5% respectively.
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Source: Organization of the Petroleum Exporting Countries