IEA sees higher world oil demand, ups pressure on OPEC

World oil demand will rise more quickly this year than previously thought, the International Energy Agency said on Tuesday, adding weight to consumer nations’ calls for more OPEC oil.

In its June monthly report, the adviser to 26 industrialised countries lifted its forecast for 2007 growth in world oil demand to 1.7 million barrels per day (bpd) or two percent, up 200,000 bpd from the previous forecast.

The report marked the fourth month running the Paris-based agency has urged the Organization of the Petroleum Exporting Countries to open the taps to lower prices that are close to $70 a barrel, up from about $50 in January.

NDTV