Global oil demand will rise more quickly than previously forecast this year as economic growth in industrialised countries accelerates, according to the International Energy Agency.<br /><br />The IEA – which advises most of the largest energy-consuming countries on energy policy – said a majority of leading economies are now largely free from the restraints of recession. <br /><br />It predicts consumption of crude will increase by 1.3 million barrels per day this year to a total of 92.5 million barrels per day, up from 91.2 million last year and 90 million in 2012. <br /><br />The IEA said rising US crude production helped balance the effects of supply disruptions among some OPEC countries last year.<br /><br />US shale oil production has reached record highs, but this year OPEC will also have to pump more to meet increasing demand.<br /><br />Last year, political unrest led to a plunge in Libyan exports, at times to less than 10 percent of capacity, and more Iranian barrels disappeared from the market due to sanctions.<br /><br />But OPEC crude oil supply edged higher in December, reversing four months of declines, the IEA said, with Saudi Arabia and the United Arab Emirates leading the increase. Libya saw a modest rise, and Iraq was the only member to post a fall.
