Global demand for oil will be slightly higher than expected this year, driven by increased consumption in India, the US and Germany, the International Energy Agency (IEA) predicted recently.
"Estimates of global oil product demand growth in 2017 have been revised up... to 1.4 million barrels per day, on surprisingly robust preliminary second quarter demand numbers," the IEA wrote in its latest monthly oil market report.
After "lackluster" oil demand growth in the first quarter, "there was a dramatic acceleration" in the second quarter, "due to a combination of expected increases in India, and some surprise additions in the US and Germany," it said.
In total, global oil demand was projected to reach 98 million barrels per day this year.
And it was set to increase at around the same pace again next year to 99.4 million barrels per day, the IEA said.
