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IAE raises global oil demand for 2015-2016

Xinhua, August 13, 2015 Adjust font size:

The Paris-based International Agency of Energy (IAE) on Wednesday raised its earlier prediction of global oil demand in 2015 and 2016 "as economic growth solidifies and consumers respond to lower oil prices".

In its monthly report, the energy watchdog forecast that this year's oil demand would stand at 1.6 million barrels per day (bpd), up by 200,000 barrels per day from the former prediction and set to reach "the fastest pace in five years".

The IAE also expected an increase of 1.4 million barrels per day next year due to persistent strong economic climate.

After a record 2014 output, the agency expected world oil supply to stand at 1.1 million barrels per day, compared to last year's 2.4 million barrels per day before contracting by 600,000 barrels per day in 2016. Endit