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London: World oil demand will grow more quickly than expected next year fuelled by stronger consumption in the Middle East, the International Energy Agency said on Friday.
The IEA, adviser to industrialised countries, said in its monthly Oil Market Report that demand will rise by 2.1 million barrels per day (bpd) next year, up 200,000 bpd from its previous forecast.
"A lot of this demand is in the non-OECD countries, where we don't have any downgrades in economic growth forecasts," said Lawrence Eagles, head of the IEA's Oil Industry and Markets division.
Many of the world's fast-growing economies cap the price of fuel, helping to insulate consumers from oil prices that last month hit a record high near $100 a barrel and leading to strong growth in demand.
Oil inventories in the OECD fell by 22.4 million barrels in October to equal 52.6 days of demand, just below the five-year average, the IEA said.
The agency also trimmed its forecast for growth in oil demand in the last quarter of 2007. It now expects consumption to rise by 1.3 million bpd, 200,000 bpd less than previously expected.
It raised the outlook for growth in the first quarter of 2008 by 100,000 bpd to 2.5 million bpd.
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