The International Energy Agency (IEA) has increased its forecast for 2006 world oil-demand growth by 8%, or 130,000 barrels, to total 1.79 million barrels a day more than 2005 demand, which is expected to have averaged 83.3 million barrels per day. The Paris-based IEA, in its monthly oil-market report, now expects global oil demand to total 85.01 million barrels per day. On the supply side, in November-the latest month for which data are available-world production was 85 million barrels per day, according to the IEA. OPEC produced 29.6 million barrels per day during the month, despite Iraqi supply disruptions. This number is close to the official OPEC-10 quota of 28 million a day. The IEA anticipates that supply growth will exceed demand in 2005-06 and again in 2009-10-but consumption will rise faster than supply in 2007-08.
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