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IEA ramps up global oil demand estimates

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IEA ramps up global oil demand estimates

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The International Energy Authority is reporting a much bigger than expected demand for oil over 2015.

It appears to strengthen the argument the sustained low price is driving fuel use up, although the Paris-based agency noted there was also an equally strong surge in global supplies. It boosted its estimates from both OPEC and non-OPEC suppliers.

It all means global demand this year will hit a forecast 94 million barrels per day, the world adding another 1.4 million bpd to its capacity.

This time last year a barrel of oil cost 115 dollars. Today it is around 66, up from its January low of 45.