Global Oil Demand Rising, IEA Says
Low oil prices and economic growth have helped drive up consumer demand for energy across the world in 2015, the International Energy Agency said Thursday, a phenomenon seen from U.S. gasoline stations to Chinese auto dealerships.
The IEA’s closely watched oil market report lent some support to an idea pushed by the Organization of the Petroleum Exporting Countries and other producers: That collapsing oil prices would spur more consumer demand and eventually send prices back up.
The IEA said world demand for oil would increase 1.4 million barrels a day this year, 300,000 barrels a day faster than it previously forecast, to a daily average of 94 million barrels this year. Global demand in 2014 was about 92.6 million barrels a day, the IEA said.
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