The International Energy Agency on Wednesday raised its forecast for 2009 and 2010 global oil demand, citing strong consumption in Asia, especially China, the world’s second-biggest consumer.

In a monthly report, the energy adviser to 28 developed countries
revised its forecast upward by 190,000 barrels a day for 2009 and
70,000 barrels a day for 2010.

Despite the revision, this year’s demand is still expected to remain
2.7% lower than last year’s, the IEA said. The world is expected to use
83.9 million barrels a day of oil this year, down from last year’s 86.3
million barrels. Consumption will rise to 85.3 million barrels a day in
2010, the IEA forecast.

“The revisions for 2009 were largely driven by OECD Pacific and
non-OECD Asia,” said the IEA in the report. “However, these upward
changes have barely dented the sharp demand contraction expected this
year.”

“The evidence of a bottoming-out of the global recession is patchy,” it added.

Demand in Organization for Economic Cooperation and Development
countries will fall by 5.2% this year from a year ago, the IEA said.

The IEA’s report came one day after the U.S. Energy Information
Administration projected global oil demand will rise in the last three
months of this year — the first increase in five quarters. See
related story.

In Wednesday trading, September crude futures rose above $70 a barrel.
The United States Oil Fund /quotes/comstock/13*!uso/quotes/nls/uso (USO
37.35, +0.49, +1.33%) gained 1.7%. See Futures Movers.

While global oil demand is falling this year, oil demand in China is
expected to rise 2.8% from a year ago to 8.1 million barrels a day, the
IEA said. Next year’s demand will rise 4% to 8.4 million barrels a day.

China on Tuesday reported its imports of oil hit a record high in July,
as the nation’s $586 billion stimulus plan continues to push up demand
for commodities.

Crude imports jumped 18% from a month ago to 19.63 million metric tons
last month, or about 4.64 million barrels a day, according to monthly
data released by China’s General Administration of Customs. See related
story.

The IEA on Wednesday also reported oil production from the Organization
of Petroleum Exporting Countries fell by about 100,000 barrels a day in
July, in contrast to OPEC’s own monthly report released on Tuesday.

OPEC, which controls about a third of the world’s oil production, said
the 12-member cartel’s July output averaged 28.7 million barrels a day,
up 160,000 barrels from the previous month.

Production from the 11 member countries bound by quotas, not including
Iraq, rose to 26.2 million barrels a day. That lowered 11 members’
compliance rate to 68%, according to a MarketWatch calculation.

OPEC reports its production levels based on secondary sources.

Source: MarketWatch

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