World oil demand will rise much more than expected this year, the International Energy Agency (IEA) said on Thursday, in the latest sign that the collapse in oil prices is helping to boost fuel use. The Paris-based agency also pointed to “exceptionally high” growth in global supplies, forecasting OPEC crude production would remain near May’s multi-year high and boosting its projection of supplies this year from other producers. In a monthly report, the IEA raised its forecast for global oil demand growth in 2015 by 280,000 barrels per day (bpd) to 1.40 million bpd, bringing demand this year to almost 94 million bpd. “Recent oil market strength of course partly stems from unexpectedly strong global oil demand growth,” said the IEA, which advises industrialized nations on energy policy. Oil prices have recovered this year after hitting a near six-year low close to $45 a barrel in January. Prices […]