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IEA raises oil demand forecasts

Oil

The International Energy Agency in their April Oil Market Report (OMR), have raised their forecast for global oil demand in 2015 by 90K b/d from last month's report to 93.6M b/d. The demand figure would give annual growth of 1.1M b/d in 2015, up from 0.7M b/d in 2014. The acceleration is due to �cold temperatures in 1Q15 and a steadily improving global economic backdrop'. Notably, the increased demand forecasts included a stronger OECD Europe market outlook, with a 2.6% y-o-y rise for 1Q15 marking the first quarter of y-o-y growth in almost one-and-a-half years.