IEA: Global oil demand estimates up

The International Energy Agency (IEA) has said that growth in developing countries will push global demand for oil in 2010 to a slightly higher level than previously expected, Reuters has reported. Growth in demand will be 1.57 million bpd in 2010 compared with the previous year, the Paris-based agency said. The agency raised its absolute demand estimates for 2009 and 2010 by 70,000 barrels per day (bpd) from its estimate in February. It now expects world demand to average 86.57 million bpd this year.