Global oil demand will rise at the fastest pace in five years in 2015 as China leads gains in emerging economies, the International Energy Agency said. World oil consumption will increase next year by 1.4 million barrels a day, the agency said in its first monthly report to assess 2015. The rate of growth will be the fastest since 2010. It’s also higher than a projected increase of 1.2 million a day in supplies from outside the Organization of Petroleum Exporting Countries, the agency said. Demand growth will be led by China and other countries outside the 34-member Organization of Economic Cooperation and Development. While prices have retreated in the past month as threats to supplies in Libya and Iraq abate, they remain “historically high and there is no sign of a turning of the tide just yet,” according to the report. “The global economy is still expected to […]