IEA urges OPEC to boost output

Demand for oil this year will be slightly higher than expected, the IEA forecast on Thursday, even though a weaker outlook for global economic growth will weigh on consumption.
Oil prices are expected to remain high, and the IEA said that OPEC should raise production sharply to keep world oil markets well supplied in the face of what would be record global demand.
The International Energy Agency raised its forecast by 65,000 barrels per day to 92.8 million barrels, largely because of unexpectedly strong demand in the first quarter, driven by consumption in the US economy.
The agency said that despite a usual easing of demand in April, "crude prices remain elevated" and said signs indicated there should be a "significant rise in OPEC production from current levels in the second half of the year," according to AFP.