PARIS (Commodity Online) : The International Energy Agency (IEA) on Tuesday upwardly revised global oil demand forecast for this year by 30,000 barrels a day.
In its latest oil market report, the Paris-based IEA said world oil demand will probably reach 86.60 million barrels per day this year, an increase from 84.93 million in 2009.

Non-OPEC output is predicted to rise 220,000 barrels per day to 52 million barrels per day. Meanwhile, total OPEC production declined in March.

Global oil demand will rise by 1.67 million barrels per day in 2010, 100,000 bpd more than previously forecast.

But the extra demand will largely be met by production from outside the Organization of the Petroleum Exporting Countries with non-OPEC output rising 220,000 bpd to around 52.0 million bpd due to higher output by OECD countries.

The IEA estimated demand this year for OPEC crude and stocks would fall by 200,000 bpd to 29.1 million bpd.

Total OPEC production declined in March, the IEA said, but this was largely due to a fall in production by Iraq, which is not bound by OPEC output targets.

It said production by the 11 OPEC countries bound by OPEC output targets rose by 30,000 bpd, taking their compliance as a group with promised output cuts to around 55 percent at the end of March, down from its previous estimate of 56 percent at the end of February.

Iraq Energy