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IEA raises mid-term forecast for oil demand

PARIS (AP) - The International Energy Agency forecasts world oil demand will grow by an average of 1.4 percent annually through 2015, an upgrade to midterm expectations due to improved economic growth prospects.

The IEA, which advises oil-consuming countries, said Wednesday that oil demand would reach 92 million barrels a day by 2015 assuming annual economic growth of 4.5 percent from 2010.

That compares with last year's forecast of average annual demand growth of 0.6 percent over the 2008-2014 period.

The Paris-based IEA said it expects a strong rise in oil demand in China, India and the Middle East, but weaker or flat growth elsewhere, particularly in Europe where the economy is fragile.

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