“World oil consumption will rebound next year as the global economy recovers, according to a report released by the Paris-based International Energy Agency which said it expects global oil demand to grow 1.7%, for an increase of 350,000 barrels per day from its previous estimate”.
The only problem with the serial oil demand growth-forecasting reports from the IEA is the above example dates from…. September 2009. At that time, crude for November delivery was trading around $71.75 a barrel for WTI grade………………………………………..Full Article: Source