Special to WorldTribune.com

LONDON — The global demand for oil was expected to increase in 2014.

The International Energy Agency revised its forecast for global oil demand this year. The Paris-based agency, citing an economic recovery by several countries, said demand would increase to 92.6 million barrels per day.

“Far from drowning in oil, markets have had to dig deeply into inventories to meet unexpectedly strong demand,” the IEA said on Feb. 13.

The revision marked a tiny increase of 125,000 barrels per day amid the slowdown of the economy of the United States.

But IAE cited economic improvements from within the 34-nation Organization for Economic Co-operation and Development, which includes China and most Middle East states.

In January, oil production fell by 290,000 barrels per day to a
daily global output of 92.1 million, nearly 30 million of which came from
OPEC.

  International Energy Agency, OPEC, Pockets of economic recovery seen increasing global demand for oil in 2014