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A modest rise in consumption for next year means the Saudis/OPEC remain firmly in control of price.
Global oil consumption is likely to average 86.1 million barrels a day in 2010, the IEA said in an Oct. 9 monthly report, raising next yearâ€™s forecast for a third consecutive month. The agency expects demand of 84.6 million barrels a day this year. The IEAâ€™s next monthly report will be issued on Nov. 12.
It will be up to members of the Organization of Petroleum Exporting Countries to satisfy the bulk of the worldâ€™s increasing need for oil as conventional production in countries outside the group peaks next year, the IEA said.
â€œMost of the increase in output would need to come from OPEC countries, which hold the bulk of remaining recoverable conventional oil resources,â€ the agency said in the report.