It could be one of the tiniest green shoots out there: the Energy Information Agency in its latest short-term energy outlook increased its projection for world crude demand to 83.68m – up from May’s forecast for the year of 83.67m barrels per day.
In fact, we checked with the EIA and they said May was 83.672m and June was 83.677m – so the difference was only 5,000, barely showing up in the two decimal places the EIA publishes.
It’s small beer in the context of a 2 to 3 per cent decrease on the previous year. But all eyes will be on the IEA’s next report, out on Thursday. For 10 consecutive months now it has revised its 2009 forecasts downwards.
$60 oil: compare and contrast (FT Energy Source, 13/05/09)