Energy Group Forecasts Growing Oil Demand

Global demand for oil will grow this year at its fastest rate since 1980, but OPEC’s pledge to pump more crude should help ease the pressure on prices, the International Energy Agency said.

U.S. crude prices peaked this month at more than $42 per barrel, driven by fears about security in Saudi Arabia and uncertainty about whether major producers would provide more crude. The IEA, which has often urged the Organization of the Petroleum Exporting Countries to augment supplies, welcomed OPEC’s decision last week to raise its output ceiling and boost production.

The IEA is the energy watchdog for wealthy oil-importing countries.