MW: EIA sees more oil demand this year due to China
By Laura Mandaro
SAN FRANCISCO (MarketWatch) -- The Energy Information Administration on Wednesday raised its outlook for the increase in world oil demand this year to 1.7 million barrels per day, citing strong first-half demand from China and developed countries. The statistics arm of the Department of Energy said it expects global oil demand to rise 1.4 million barrels a day next year, unchanged from its prior forecast. The EIA said it expects OPEC production to rise by 300,000 barrels per day this year and 600,000 barrels per day in 2011, keeping prices in check. The agency raised its supply projection from non-OPEC countries, largely due to near-record crude oil output in Russia.
