Describing the oil market as a "crouching tiger, hidden dragon," the International Energy Agency...

|By:, SA News Editor

Describing the oil market as a "crouching tiger, hidden dragon," the International Energy Agency has increased its 2013 consumption outlook by 240,000 bpd to 90.8M bpd. The IEA cited an expected rise in demand from a recovering Chinese economy as a main reason for the new forecast, which comes as OPEC, and Saudi Arabia in particular, cuts production. However, the agency attributed the Saudi reduction to decreased internal consumption and said it's "nothing to worry about." (PR)