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15 July, 10 Rapidly-expanding economies in Asia such as China and India are likely to push global oil consumption further upwards next year, according to new figures from the International Energy Agency (IEA). In its latest monthly report on the global oil market, the Paris-based commodities watchdog predicted that oil demand will increase by 1.3 million barrels next year to reach an average of 87.8 million barrels per day. "Non-OECD Asia, the Middle East and Latin America will continue to command the lion's share of oil demand growth in 2011," the organisation explained in the document. The IEA maintained its existing forecast for usage in 2010 at 86.5 million barrels, but warned that the recent disruption caused by Hurricane Alex to drilling in the Gulf of Mexico could have a knock-on effect on supplies. Last week, the US Energy Information Administration claimed in its Short-Term Energy Outlook that daily global consumption will increase by an average of around 1.5 million barrels this year and next. Find out about the BP fuel card and start saving now. Posted by Nick Jenkins
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