World Oil Demand to Rise 1.6% in 2011, IEA Says

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oilWorld oil demand will rise 1.6% in 2011, driven by economic growth in developing countries, the International Energy Agency said.

In its first detailed assessment of the 2011 period, the Paris-based agency forecast oil demand rising to 87.8 million barrels a day, the Associated Press reported. Demand from emerging economies such as China will climb 3.8% from 2010.

Demand from rich countries will sink 0.5%.

"Non-OECD Asia, the Middle East and Latin America will continue to command the lion's share of oil demand growth in 2011," the agency said in its report.

The agency, which is the energy arm of the Organization for Economic Cooperation and Development, left its forecast for 2010 demand largely unchanged at 86.5 million barrels a day.
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