Posted: Oct 13, 2010 6:21 AM by Associated Press
Updated: Oct 13, 2010 7:51 AM
The International Energy Agency says it has raised its forecast for global oil demand this year and next following new data showing stronger-than-expected economic growth, especially in rich developed economies.
The Paris-based energy watchdog says global demand for crude will reach 86.9 million barrels a day this year, up from its forecast last month of 86.6 million barrels a day.
The IEA said in its monthly report Wednesday that oil demand next year will reach 88.2 million barrels a day, up from its forecast last month of 87.9 million barrels a day, based on the latest economic forecast from the International Monetary Fund earlier this month.