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IEA boosts oil demand forecast

Financial Post | Business

The International Energy Agency boosted its global oil demand forecast for this year and next after consumption in the U.S., Brazil and Canada rose more in 2011 than previously estimated.

The Paris-based adviser predicts that world oil consumption will increase by 800,000 barrels a day, or 0.9%, in both 2012 and 2013, reaching 90.6 million a day next year. That’s about 90,000 a day more than estimated last month. The agency said inventories have become “more comfortable,” and didn’t specify whether members should release emergency reserves to tame prices, a move discussed last month by leaders in the U.S., U.K. and France.

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SMIPP Ltd is a DG Independent Power Plant Private Joint Stock Company. 25-60 MW Gas Turbines Power Generators

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