PARIS (Commodity Online) : Irrespective of the bleak global economic prospects, global oil demand is likely to rise by 2.2 percent for the rest of the year, said the International Energy Agency.
In its monthly report, the IEA also said the demand is likely to extend to next year but if the global economy is weaker than forecast any rise in fuel consumption will be wiped out.
Global oil demand was seen at 86.6 million barrels per day (bpd) in 2010, a 1.8 million bpd increase year-on-year and 80,000 bpd higher than in last month, said the report.
The agency expects global oil demand next year to rise 1.5 percent to 87.9 million barrels a day, up from its forecast last month of 87.8 million barrels.
OECD member states' oil demand is now forecast to show slight growth of 0.2 percent this year, compared to the IEA's forecast last month of a small drop.
Non-OECD states' oil demand is forecast to increase 4.5 percent to 200,000 bpd this year and 3.7 percent to 100,000 bpd in 2011.
Growth is being driven by higher economic assumptions and stronger than expected readings in Asia and the former Soviet Union, the IEA said.