IEA raises estimate of world oil demand in 2007

PARIS (AFP) – Global oil demand will increase by two per cent this year, the International Energy Agency (IEA) said on Tuesday, revising upwards an earlier estimate by about 400,000 barrels per day and warning the market will be tight.

“Global oil product demand is revised up to…86.1 million barrels per day for 2007,” the IEA said.


“World demand is now estimated to rise by 2.0 percent or 1.7 million barrels a day in 2007, the agency said in its monthly oil market report.

The agency said that the increase was the result in part of a big adjustment of previous demand data.

It also highlighted unexpectedly strong figures from leading countries outside the group of 30 industrialised nations in the organisation for Economic Cooperation and development.

AFP