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IEA raises forecast for 2011 global oil demand

IEA raises forecast for 2011 global oil demand (by Polya Lesova)

LONDON (MarketWatch) -- The International Energy Agency on Tuesday revised up its forecast for global oil demand for 2011, citing in part more buoyant-than-anticipated global economic growth. In its monthly report, the IEA said it now expects global oil demand to expand by 1.4 million barrels a day or 1.6% year on year in 2011 to 89.1 million barrels a day. That forecast is higher by 360,000 barrels a day compared to the IEA's previous report. The increase will be driven entirely by emerging markets, while OECD demand is projected to reverse to its "underlying, structural decline in 2011," the agency said. The IEA also noted that supply from OPEC, or the Organization of Petroleum Exporting Countries, gained 250,000 barrels a day to reach 29.58 million barrels a day in December, continuing a rising trend evident since the spring. Crude-oil futures for February delivery were trading little changed at $91.56 a barrel in electronic trading on Globex.