IEA sees 1.4m bpd oil demand growth

LONDON: The rise in global oil production, led by the United States, is likely to outpace growth in demand this year, the International Energy Agency (IEA) said yesterday. The IEA raised its forecast for oil demand growth this year to 1.4 million barrels per day (bpd), from a previous projection of 1.3 million bpd, after the International Monetary Fund upped its estimate of global economic growth for this year and next. Oil demand grew at a rate of 1.6 million bpd last year, said the IEA in its report.