PARIS - The world's demand for oil is expected to increase by 1.8 million barrels per day in 2005, a 28 percent slower pace than the increase of 2.5 million barrels per day projected for 2004, according to the International Energy Agency (IEA).

The IEA's latest "Oil Market Report" projects that developing countries will be largely responsible for the increase in demand. To meet that demand, the IEA anticipates increased oil production in the countries of the former Soviet Union, as well as Angola, Brazil, and the nations of OPEC (Organization of Petroleum Exporting Countries).

Publication date: 08/02/2004