The International Energy Agency (IEA) said despite the demand has been surged by 280,000 barrels per day to a two-year high of 29.85 million bpd in January from December, the rising OPEC production and oil stocks in developed economies should limit a further spike in oil prices. The watchdog raised its 2011 oil demand growth forecast by 50,000 bpd to 1.46 million bpd. The IEA said OECD oil stocks fell to a two-year low equal to 57.5 days of demand in December from 58.3 days in November but were still comfortable.
Oil Demand To Hit Record, OPEC Boosts Output: IEA
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