The International Energy Agency has again revised its outlook for global oil demand for both this year and 2010, announcing its latest forecast in its recently released Monthly Oil Report for November.

The Paris-based energy watchdog for western nations trimmed its forecast for lost global oil demand in 2009 by 210,000 bpd, saying too that it expects year-on-year growth in the world consumption rate in the fourth quarter, which would mark the first quarter with expanded demand since the second quarter 2008. The IEA projects global oil demand in 2009 at 84.8 million bpd, down 1.5 million bpd compared with the 2008 consumption rate.

The IEA also hiked its demand outlook for 2010 by 140,000 bpd from October, projecting a year-on-year expansion in oil's global consumption rate of 1.3 million bpd at 86.2 million bpd.

The IEA said it made the adjustments to its outlook based on stronger preliminary data in North America and "buoyant demand" in Asian and Middle Eastern countries that are not part of the Organization for Economic Cooperation and Development.

In October, global oil supply increased 635,000 bpd to 85.6 million bpd the IEA reports, saying too that the monthly production rate by the Organization of Petroleum Producing Countries increased 110,000 bpd to its highest rate since January at 29.0 million bpd.

The Paris-based agency also adjusted higher the "call on OPEC crude" in 2010 by 100,000 bpd to 28.5 million bpd on higher demand and a 300,000 bpd downward revision to OPEC NGLs. For 2009, OPEC demand is expected to average 28.7 million bpd.

Non-OPEC supply was also revised up by 130,000 bpd for 2009 and 350,000 bpd for 2010 "on stronger US GOM, Norway and Russia estimates." Output by non-OPEC members is forecasted at 51.1 million bpd in 2009 and 51.9 million bpd in 2010.

The IEA said non-OPEC production increased 380,000 bpd in October to 51.4 million bpd with the end of maintenance in the North Sea. In early November, Tropical Storm Ida shut-in 560,000 bpd or 43 percent of U.S. Gulf of Mexico, "though reports indicate no lasting damage."

OECD industry stocks rose by 1.6 million bbl in September to 2.774 billion bbl, which is 4.3 percent above the comparable year-ago period.

"Gasoline and distillates built in North America while crude and distillates drew in the Pacific and Europe, respectively," said the IEA.

End-September forward demand cover did fall to 60.0 days from 60.9 days, but remained 3.8 days higher than a year ago.

The IEA trimmed global refinery crude throughput for the fourth quarter by 300,000 bpd to 72.8 million bpd, "as higher crude oil prices, falling OECD demand and high middle distillate inventories continued to undermine margins."

The international agency said that higher throughput expectations for China and other Asian nations following stronger data for the third quarter partly offset the downward revision in fourth quarter runs in OECD countries.