Oil demand set to soar this year

World oil demand will grow even faster than expected this year as a harsh end to the northern winter and robust growth in the United States and China pump up consumption, the International Energy Agency said on Friday.

Estimated demand growth this year has been revised up by 290,000 barrels per day (bpd) to 1.81 million bpd, taking annual global consumption to 84.3 million bpd, the IEA said in its monthly Oil Market Report.