IEA raises 2010 oil demand forecast amid signs of global economic recovery

October 1st, 2009 ISTANBUL - The world economy has pulled out of its worst recession since World War II and will stage a sluggish recovery in the coming year, the International Monetary Fund (IMF) said in an economic forecast released Thursday. But the IMF warned the recovery was largely due to massive public spending by governments.

September 10th, 2009 Oil climbs to near $72 amid weak dollarLONDON — Oil prices rose to almost $72 a barrel Thursday, helped by a weaker U.S. dollar, steady OPEC production levels and a new report predicting a less severe slump this year in global oil demand.

August 12th, 2009 PARIS - Amid signs of a world economy now righting itself, the International Energy Agency (IEA) Wednesday raised its projections for world oil demand and output this year and in 2010. The Paris-based group said it expected demand this year to average 83.9 million barrels per day (b/d), some 190,000 b/d higher than what the IEA had projected just last month.

July 29th, 2009 Honda reports plunging profit but raises forecastTOKYO — Honda reported a 96 percent drop in first quarter profit to 7.5 billion yen ($79.8 million), the automaker's first earnings drop in four years, but raised its full-year forecast. Honda Motor Co.

July 28th, 2009 India central bank says economy could grow fasterNEW DELHI — India's central bank left interest rates unchanged Tuesday and said Asia's third-biggest economy could grow faster than forecast as it emerges from the global credit bust. Bank Gov. D. Subbarao said "the global economy was showing incipient signs of stabilization, albeit not recovery." The central bank said there is now "an upward bias" to its forecast for the economy to grow 6 percent in the year ending March 2010.

July 27th, 2009 MUMBAI - A day ahead of the review of its monetary policy Tuesday, India's central bank sharply raised its growth forecast for the country's economy to 6.5 percent from its earlier projection of 5.7 percent. The Reserve Bank of India (RBI) said the revision was on account of positive outlook emanating from several sources, including the performance of core infrastructure industries, overall manufacturing output and roboust showing by the services sector.

July 10th, 2009 IEA forecasts strong rebound in oil demandPARIS — Global oil demand will rebound 1.7 percent next year as recovery in developing countries helps counter a two-year drop in oil usage sparked by the global recession, the International Energy Agency said Friday. The Paris-based agency predicted Friday in its closely watched monthly survey that global oil demand will increase by 1.4 million barrels a day in 2010 to 85.2 million barrels a day.

July 8th, 2009 IMF raises Asia 2009 growth forecastBEIJING — The International Monetary Fund has raised its 2009 growth forecast for Asia's developing economies from 4.8 percent to 5.5 percent but cautioned that a sustained rebound will depend on recovery in developed economies. The Washington-based cited improved prospects for regional giants China and India.

July 8th, 2009 WASHINGTON - The world is beginning to pull out of its first recession since World War II, the International Monetary Fund said Wednesday. In an updated economic forecast, the IMF said the global economy was already stabilising, the financial crisis has eased and the recession will end in the second half of this year.

July 2nd, 2009 ADB: Asia set for mild economic recovery in 2010MANILA, Philippines — Asia is set for a mild economic recovery from the global financial crisis in 2010 after bottoming out this year, the Asian Development Bank's chief economist said Thursday. "Clearly now we are in the transition from recession to recovery," Jong-Wha Lee said.

June 29th, 2009 IEA sees oil demand up 0.6 pct a year through 2014PARIS — World oil demand is likely to grow by an average of 0.6 percent annually over the 2008-2014 period, the International Energy Agency forecast Monday, revising its mid-term expectations downward amid the global recession. The Paris-based IEA, which advises oil-consuming countries, said oil demand would reach 89 million barrels a day by 2014 under the International Monetary Fund's current forecast of a return to 5 percent annual economic growth by 2012.

June 18th, 2009 World Bank raises 2009 China growth forecastBEIJING — The World Bank is raising its 2009 growth forecast for China due to the country's stimulus-driven investment boom. But it also cautions that it is still too soon to say a sustained recovery is on the way.

May 14th, 2009 Oil demand seen dropping at fastest pace since '81PARIS — Oil consumption will this year fall at the sharpest pace since 1981 due to the crisis afflicting world economies, the International Energy Agency said Thursday as it made new cuts to its forecast for crude demand. In its closely watched monthly survey, the Paris-based agency said it now expects global oil demand to fall 3 percent to 83.2 million barrels a day this year, or 2.6 million barrels a day less than in 2008.

April 22nd, 2009 IMF: Asia could see 'modest recovery' in 2010BEIJING — Asian economies could see a modest recovery next year, boosted by stronger export demand and stimulus spending, the International Monetary Fund said Wednesday. Trade-driven Asia has been hit harder than expected by the worst global downturn since the 1930s, though many economies are stronger than they were during the region's 1997 financial crisis, the Washington-based IMF said in a report.

April 22nd, 2009 IMF says Asia could see 'modest recovery' in 2010BEIJING — The International Monetary Fund says Asian economies could see a modest recovery next year, boosted by stronger export demand and stimulus spending. Trade-driven Asia has been hit harder than expected by the worst global downturn since the 1930s.