IEA says global oil demand to rebound strongly in 2010 after 2-year drop

October 1st, 2009 WASHINGTON - As the world economy comes out of a deep global recession, global activity is forecast to expand by about 3 percent in 2010 after contracting by about 1 percent in 2009, according to the International Monetary Fund (IMF) projections. Though well below the rates achieved before the crisis, these projections in the October 2009 World Economic Outlook (WEO) reflect modest upward revisions to those in the July 2009 WEO Update.

October 1st, 2009 WASHINGTON - As the global economy recovers from its worst crisis in decades, India and China will lead the expansion this year and will grow at rates of 5.4 and 8.5 percent, respectively, according to the International Monetary Fund (IMF). Boosted by large policy stimulus that is increasing demand from domestic sources and a turn in the global manufacturing cycle, the two Asian giants are leading the rebound in emerging and other developing economies, it said in the October 2009 World Economic Outlook (WEO).

September 23rd, 2009 VW: 2010 global car sales to be similar to 2009FRANKFURT — Auto industry heavyweight Volkswagen AG expects the global car sector's sales in 2010 to come in at levels similar to this year's, a senior executive said Wednesday. Wolfsburg-based Volkswagen said it delivered 4 million cars worldwide in the January-August period, a 2.1 percent drop from record 2008 levels.

September 16th, 2009 Total sees oil production rebound in 2010PARIS — Total SA expects its oil production to rebound in 2010 after cuts by OPEC and falling demand caused by the global recession weighed on its output this year, the company said Wednesday. The forecast was included in slides on the French oil giant's Web site ahead of a presentation to analysts later in the day.

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 10th, 2009 Oil below $60 as traders eye company resultsVIENNA — Oil prices slid well below $60 a barrel Friday as investors braced for company earnings reports next week that will provide clues on the strength of crude demand. While global appetite for crude over the next few months remains unclear, expectations are that it will increase by next year, with the International Energy agency predicting a 1.7 percent rebound in demand by next year.

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.

June 11th, 2009 China's May exports plunge by record 26.4 percentBEIJING — China's exports fell by a record margin in May as the global slump battered trade, while imports also fell sharply, data showed Thursday. May exports tumbled 26.4 percent from a year earlier, exceeding February's previous record drop of 25.7 percent, the Chinese customs agency reported.

May 14th, 2009 Singapore Airlines profit plunges as demand wanesSINGAPORE — Singapore Airlines Ltd. said its January-March profit plunged 92 percent as travelers cut down on trips amid a global economic slowdown.

April 22nd, 2009 Mining giant BHP Billiton reports lower productionSYDNEY — Global mining giant BHP Billiton on Wednesday reported a sharp drop in quarterly copper production, along with declines in iron ore and aluminum, as demand for minerals falls amid the global economic slump. Copper production was down 14 percent in the three months ended March 31 compared to the same period last year, the Melbourne-based company said in a statement.

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.

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 10th, 2009 PARIS - Worse-than-expected prospects for the world economy has prompted the International Energy Agency (IEA) to again revise downward global oil demand for 2009. In its Monthly Oil Report, issued Friday in Paris, the IEA said that 'after a flurry of downward adjustments by both public and private forecasters', oil demand for 2009 has been revised down by 1 million barrels per day, to 83.4 million barrels per day.

March 25th, 2009 NEW DELHI - India's aviation industry is likely to see a 6.8 percent fall in demand and 4 percent drop in capacity in 2009 due to the 'rapid deterioration of the global economic conditions,' an international air travel lobby said Tuesday. 'Overall, India is expected to see a 6.8 percent fall in demand but only a 4 percent drop in capacity,' Giovanni Bisignani, the director general of the International Air Transport Association (IATA), said in a statement.