IEA raises global demand estimates for 2011 (by Polya Lesova)
LONDON (MarketWatch) -- The International Energy Agency on Thursday revised higher its estimates for global oil product demand for 2010 and 2011 by 120,000 barrels a day on average. In 2010, global oil demand rose by 2.8 million barrels a day year-on-year to 87.8 million barrels a day, the IEA said in its monthly report. In 2011, demand should reach 89.3 million barrels a day, representing an increase of 1.5 million barrels a day year-on-year. "However, persistent frailties in advanced economies and inflationary pressures in emerging countries pose downside risks to the outlook," the IEA said. World oil supply rose by 500,000 barrels a day in January, to 88.5 million barrels a day, on higher OPEC output, according to the IEA.