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IEA Sees Higher Demand for OPEC Crude This Year

Demand for OPEC’s crude will be higher in the second half of the year than previously estimated as inventories in developed economies remain depleted, according to the International Energy Agency.

The Organization of Petroleum Exporting Countries will need to provide an average of 30.7 million barrels a day in the second half, or 800,000 a day more than it pumped last month, the IEA said today. This calls for 140,000 more barrels of OPEC crude than the IEA forecast in April as stronger-than-expected demand has kept stockpile levels “tight” in advanced nations, the agency said. OPEC controls about 40 percent of global supplies.