IEA Boosts 2016 Oil Demand Forecast, Says $100 Crude a Risk

The International Energy Agency raised its forecast for global oil demand growth to 1.3 percent annually over the next five years on economic expansion in China, cautioning that gains in prices threaten the recovery.

Consumption will increase to 95.3 million barrels a day in 2016 from 88 million barrels a day in 2010, with China accounting for about 41 percent of the gain, the Paris-based adviser to oil-consuming nations said in its Medium-Term Oil Market Report today. Crude prices are “weighing” on the developed nations that make up the Organization for Cooperation and Development, the agency said.