The International Energy Agency left its estimate for oil demand for 2010 and 2011 little changed as fuel stockpiles surge and concern persists that a revival in world economic growth may falter.
Global crude demand will average 87.9 million barrels a day next year, the IEA said today in its monthly Oil Market Report, unchanged from last month. It revised the 2010 estimate 50,000 barrels a day higher to 86.6 million. Soaring stockpiles and slowing Asian consumption are capping oil prices and there’s a “significant downside risk” that demand will falter should the global recovery stall, the Paris-based group said.
