Milton Financials: International Energy Agency cuts 2011 oil demand estimates by 50,000bpd.

Sept. 29, 2010 - PRLog -- At a recent press conference the IEA (International Energy Agency) told  Milton Financials' sources that while global demand for oil was expected to continue rising as the economy expanded the increase in fuel consumption was expected to be lower in 2011 that 2010, adding that if global growth slows demand could be considerably weaker.

The IEA pointed out that developed economies were holding record industry oil stocks and was convinced that current global oil supply was more than adequate for the current and projected demand for 2011.

"By any measure we have a very well supplied market," David Fyfe, head of the IEA’s oil industry and market division told Milton Financials recently "there is a significant cushion of oil supply to cope with unforeseen changes and the risks are very much to the downside," adding that if the world economy slowed oil demand was likely to significantly slower.

The agency projected that oil demand would average around 86.62 million barrels per day during 2010, equating to an almost 1.9million barrel per day increase year-on-year, about 40,000 bpd higher than expected.

The IEA which advises major industrial nations on energy policy told Milton Financials that it was forecasting an increase in consumption to 87.89 million barrels per day, up nearly 1.3 million bpd year-on-year.

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