IEA Revises Oil Demand Forecast

In a revised forecast released today, the International Energy Agency (IEA) said it now expects global oil demand to be 89.1 million barrels a day in 2011, which is 360,000 barrels a day higher than projections in the IEA's previous report. The IEA also noted a December production gain of 250,000 barrels a day from the Organization of Petroleum Exporting Countries (OPEC), taking the total to 29.58 million barrels a day. This continued a rising trend the IEA said has been evident since last spring. Read more...