Global oil consumption will contract less than previously feared this year and grow strongly in 2010, the developed countries' energy watchdog said yesterday, in the latest sign of surging economic optimism.
The International Energy Agency said it detected “growing evidence that the global economy may be finally stabilising”. But it added: “The spectre of a double-dip, W-shaped recession . . . cannot be entirely discounted.”
The organisation said it now expected global oil demand to drop 1.9m barrels a day this year, less than the 2.3m b/d it had forecast last month. It is the third revision since May, when it forecast a contraction of 2.6m b/d. The upward revision of 700,000 b/d over the past four months equals Qatar's oil output.
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