World oil demand growth will expand faster this year than previously expected, with total consumption topping 90 million barrels per day, the International Energy Agency (IEA) said today.

The IEA, which advises 28 industrialised countries on energy policy, raised its 2011 forecast for demand growth by 50,000 bpd and said total world consumption would exceed 90 million bpd in the fourth quarter.

Rising production from the Organization of the Petroleum Exporting Countries (OPEC) will help meet the demand but the IEA warned of the potentially damaging impact on the global economy of a further rise in oil prices.

Reuters