Global oil demand will increase this year more than previously forecast, the International Energy Agency said. A ban on U.S. crude exports may crimp output growth, the Paris-based group said.
World consumption will climb by 1.3 million barrels a day, or 1.4 percent, to a record 92.5 million barrels a day, the IEA said today in its Oil Market Report. The increase of 90,000 barrels a day from last month follows the first year of annual demand growth in developed nations since 2010, it said. U.S. restrictions on oil exports may mean its surging domestic production hits a “crude wall” that curbs further expansion, the IEA said.