International Energy Agency upgrades its global oil demand forecast for 2015

Market news

12 June 2015

International Energy Agency upgrades its global oil demand forecast for 2015

The International Energy Agency (IEA) said on Thursday that lower oil prices and economic growth boosted global demand for energy in 2015. The agency expects oil demand to rise to 1.4 million barrels a day in 2015, up 300,000 barrels a day from its previous estimate.

Higher oil demand was driven by gasoline demand growth of 4.2% in the U.S.

The IEA said that there is a glut of oil supplies as OPEC boosted its oil production and as U.S. oil production was still growing.

The agency estimates a rise in oil production in non-OPEC countries by 195,000 barrels a day to one million barrels a day.

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