Consumption spirals. - The International Energy Agency (IEA), which represents the interests of industrialised countries, produced on Friday its third consecutive re-evaluation of oil demand forecasts for 2011. The IEA increased its forecast of 260,000 barrels a day, due to a noticeable increase in consumption levels in North America and Asia. Growth has been “remarkably strong” in the US over recent months, notes the IEA. In China, oil consumption leapt by 12.6% in October, bolstered by the closing down of many coal fuelled plants and massive use of substitute oil products. In total, the IEA is counting on an increase in global demand of 1.5% in 2011, 88.8 million barrels per day, following the 2.9% increase this year. OPEC extended its production quotas last Saturday but expressed a more cautious outlook. This organisation is forecasting a 1.7% increase in demand this year and 1.4% in 2011. According to OPEC, global consumption of oil will be around 87.1 million barrels per day in 2011 (that is 1.1 million barrels less than the IAE forecasts). OPEC also recorded a significant increase in demand in OECD countries and in Asia during the third quarter of this year but noted that consumption in India was less than forecast. According to the cartel, the impact of OECD recovery plans will decline in 2011, which will have an effect on oil demands. Emerging countries such as China and India will also seek to reduce their growth, in an effort to avoid overheating. This analysis is somewhat reassuring to OPEC because in December 2008 it decided not to increase production quotas and left its plans on this question unchanged. (I.L./transl.fl)