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IEA raises forecasts for global oil demand
The International Energy Agency (IEA) has stated that global oil markets will not be as tight as expected this quarter. The agency has revised its forecasts for world fuel consumption due to surprising strength in China, and now predicts a supply shortfall during the fourth quarter that is 30% smaller than previously projected. The IEA attributes the softer outlook to production growth in the US and Brazil exceeding expectations. However, the agency still anticipates world oil demand to climb by 2.4 million barrels a day this year, with China accounting for 75% of the increase.
The International Energy Agency (IEA) has stated that global oil markets will not be as tight as expected this quarter. The agency has revised its forecasts for world fuel consumption due to surprising strength in China, and now predicts a supply shortfall during the fourth quarter that is 30% smaller than previously projected. The IEA attributes the softer outlook to production growth in the US and Brazil exceeding expectations. However, the agency still anticipates world oil demand to climb by 2.4 million barrels a day this year, with China accounting for 75% of the increase. 
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