IEA Raises Oil Demand Forecast Even as Growth Slows

Global demand for oil will exceed the International Energy Agency’s earlier estimates, even as the adviser predicts the economic recovery will slow next year.

Crude demand worldwide will average 87.9 million barrels a day in 2011, the IEA said today in its monthly oil market report. While that is 50,000 barrels a day more than the Paris- based adviser forecast last month, it lags behind the upward revision of 80,000 barrels for this year’s estimate. There are “significant downside risks” that demand will slow on an uncertain global economic outlook, the IEA said.