In its April Oil Market Report, the International Energy Agency raised its forecast of 2015 global oil demand by 90,000 b/d to 93.6 million b/d, a gain of 1.1 million b/d on the year and a notable acceleration of the 700,000-b/d growth in 2014, as the global economy slowly gains momentum. Colder-than-year-earlier temperatures in most Organization for Economic Cooperation and Development economies in this year’s first quarter also accounted for part of the upward revision. Since bottoming out at a 5-year low of 270,000 b/d year-on-year in second-quarter 2014, global growth has steadily strengthened, rising to a one-and-a-half-year peak of 1.3 million b/d year-on-year in this year’s first quarter. Global supply rose an estimated 1 million b/d month-on-month in March to 95.2 million b/d. Supplies from the Organization of the Petroleum Exporting Countries surged to 31.02 million b/d in March, up 890,000 b/d on February, as top exporter Saudi […]