IEA talks up global demand

'On the rise': crude demand

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By News Wires

 13 July 2011 14:46 GMT

World oil demand growth will accelerate next year, adding to the pressure on available supplies, the International Energy Agency (IEA) said today, contradicting a more conservative outlook from producer group Opec.

In its first 2012 forecast in a monthly report, the IEA said oil use would grow by 1.47 million barrels per day to 91 million bpd. The agency also trimmed its estimate of demand growth this year to 1.20 million bpd.

The IEA's 2012 prediction was more than the 1.32 million bpd expected by Opec but lower than a forecast from the US Energy Information Administration. It expects all of the growth next year to come from emerging economies.

"Aside from economic growth, downside pressures from higher-than-expected oil prices also represent a risk…

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