MEMBERS of the Opec producers' cartel will need to pump more crude because global oil demand will grow by more than previously expected in 2010, the International Energy Agency (IEA) said yesterday.
The Paris-based body said all the growth would come from emerging markets postcard printing such as India and China.
Demand for oil in industrialised countries has peaked despite many returning to economic growth, the IEA said, describing developed economies as having an "oil-less" recovery from the worldwide economic downturn.
The adviser to 28 industrialised economies revised upwards its demand growth estimate for 2010 by 120,000 barrels per day (bpd) to 1.6 million bpd.
The strong rebound in demand follows two years of falling consumption as the world struggled with the deepest financial crisis since the 1930s.
The IEA estimated oil demand would now average 86.50 million bpd this year, just 10,000 bpd below the all-time peak seen in 2007.
"The demand growth is all coming from countries east of Suez," David Fyfe, head of the oil industry and markets division of the IEA, told Reuters TV.
"The emerging economies of China, India, the rest of Asia and the Middle East is where all the action is."
The IEA said Replica prada wholesale a large part of its revision to oil demand growth was due to the International Monetary Fund's stronger outlook for the global economy, which is now seen growing 3.8% in 2010 from an earlier estimate of 3.1%.
Emerging market growth is expected to average 6.1%.
The IEA expects oil prices to average $75 a barrel in Pandora Beads Wholesale 2010, up from $58 a barrel last year. US West Texas crude traded yesterday at around $75 a barrel on the New York Mercantile Exchange.
Oil prices continued to rise even after a blizzard dumped more than a foot of snow along parts of the US East Coast.
In London, North Sea Brent crude traded above $73 a barrel on the ICE Futures exchange.
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