Increased Oil Demand News

China, the global oil market's lifeline this year, has stepped up purchases from exporters like Russia, the United States and Angola in recent weeks, while buyers elsewhere pare orders as coronavirus infections surge and fresh lockdowns are put in place.China, the world's largest importer of crude, is the only major buyer expected to see increased oil demand this year as the pandemic destroyed consumption globally.With China's imports expected to reach 12 million barrels per day (bpd) next year…

According to a McQuilling Services Outlook report for 2011-2015, global economic recovery is underway, supported by robust emerging markets growth. Expectations are for a continuation of this trajectory in 2011, leading to increased oil demand, but risks to the downside still exist, particularly in the area of sovereign debt. Tanker demand recovered in 2010 and will increase on the back of increased oil demand. The patterns of trade are changing however, leading to new routes and deployment considerations. Spot freight markets increased in 2010 over 2009, in line with our expectations and our 2010 forecast was within 1.2% of actual market levels for the year.

In its May Oil Market Report the International Energy Agency (IEA) raised its forecast for 2004 world oil demand by 0.27 mbd. Altogether oil demand growth in 2004 amounts to 1.9 mbd or a change over 2003 of 2.5% resulting in a total demand of 80.6 mbd. In absolute terms the 2004 demand increase represents the single largest annual gain since 1988. Previous upward revisions to oil demand growth had centred on China but this time increased growth is estimated for North America and Europe. North America will in 2004 have increased oil demand by 1.6%, Europe by 1.5%, China by 13.6%, other Asia by 5.1%, Middle East by 4.9% Africa and Latin America by 1.7%. Oil demand is set to decline by 2% in the Former Soviet Union and by 1.6% in OECD Pacific.