Global growth drives demand for oil.
Global demand for oil will increase more rapidly this year as economic growth accelerates, exceeding supply even as shale oil production in the United States reaches record highs, the International Energy Agency said on Tuesday.
LONDON, Jan 21 (Reuters) - Global demand for oil will increase more rapidly this year as economic growth accelerates, exceeding supply even as shale oil production in the United States reaches record highs, the International Energy Agency (IEA) said on Tuesday.
The IEA stated that global oil consumption will increase by 1,3 million barrels per day (bpd) this year, 50 bpd more than previously estimated.
"Global oil demand growth appears to have gained momentum gradually over the past 18 months, driven by economic recovery in the developed world," the IEA said in its monthly report.
(Reporting by Christopher Johnson and Lin Noueihed)