According to the International Energy Agency’s July 2010 Oil Market Report, global oil demand through 2011 is projected to rise 1.6% or 1.3 mb/dyear‐on‐year to 87.8 mb/d, driven entirely by non-OECD country consumption, as OECD countries continue to see a gradual decline. This is a slight reduction from 2010’s 1.8 mb/d growth, fueled in part by an early, buoyant global recovery and stimulus funds. The report, released today, is filled with a number of caveats, particularly the current and future direction of the global economic recovery, which has waned in the early summer months. IEA bases its oil demand projection on the IMF’s April World Economic Outlook, with global GDP growth reaching +4.3% in 2011 from +4.1% in 2010 as recovery from the 2008/2009 recession continues apace.