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The International Energy Agency is predicting higher world demand on oil in 2006 than previously expected
The International Energy Agency is predicting higher world demand on oil in 2006 than previously expected, the French-based agency said in its monthly report Tuesday. The agency, which includes 26 member-states, forecasted the world demand on oil in 2006 at 1.79 million of barrels per day, which is 130,000 barrels higher than the daily figure stated in the previous forecast. The agency said its experts explained the decrease in the world's demand on oil in the third and fourth quarters of 2005 by warm weather and a number of hurricanes that swept the United States. The experts said these reasons were only temporary and the new economic growth in 2006 would result in the increase in the demand for oil.
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