IEA, unlike OPEC, sees oil demand rising in 2010

The "dueling forecasts" regarding 2010 global oil demand continue. Contrary to OPEC's forecast, the International Energy Agency is forecasting global oil demand will rise in 2010, as the world emerges from its worst recession since the end of World War II.

In its July Oil Market Report, the IEA said it expects global oil demand to increase by 1.7 percent or by 1.4 million barrels per day (bpd) to 85.2 million bpd. Conversely, OPEC sees 2010 demand remaining essentially flat at 84.6 million bpd.