The US summer driving season “seems to have fizzled out before getting started” the International Energy Agency said on Wednesday, striking a cautious tone on prospects for a recovery in global energy demand next year.
Warning that evidence of a bottoming out of the global recession was “patchy”, the energy watchdog of the developed world said next year’s expected recovery in global oil demand growth would be subdued at just 1.6 per cent, or 1.3m barrels a day, in 2010.
The IEA revised up its forecasts for global oil demand in 2009 by 190,000 barrels per day to 83.9m b/d and for 2010 by 70,000 b/d to 85.25m b/d.
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