NEW YORK (TheStreet) -- The International Energy Agency said Wednesday it expects oil demand to increase by up to an average about 1.4% a year for the next five years to about 92 million barrels a day by 2015 based on relatively strong gross domestic product growth of nearly 4.5% a year from 2010.
Last year, the IEA predicted oil demand growth of 0.6% from 2008 to 2014.
"In both oil and gas, we see a notable dichotomy between non-OECD and OECD markets, with strong growth in China, India and the Middle East compared to weaker or flat demand elsewhere, especially in the fragile European economy," said Nobuo Tanaka, the IEA's executive director, in a statement. "These contrasting trends cloud efforts to foresee how oil and gas markets will develop into the medium term. But what is clear is that both will need more investment, a greater focus on energy efficiency and improved data."
Light sweet crude oil for August delivery was down 25 cents, or 0.3%, to $77.60.
-- Reported by Andrea Tse in New York
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