| The International Energy Agency (IEA) has revised upwards its forecast for global oil demand growth in 2014 to a modest 1.5 per cent on the back of a more robust outlook for global economic growth, a report said. The IEA now sees demand rising by 1.4 mbpd (or 1.5 per cent) this year to approximately 92.7 mbpd, from 1.3 mbpd (1.4 per cent) last month, said the latest NBK Economic Update.
This represents a modest acceleration on last year, as global oil demand is estimated to have grown by 1.3 mbpd in 2013. All demand growth is projected to come from emerging economies, with non-OECD Asia accounting for almost half of the global increase...............................................Full Article: Source
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