Describing the oil market as a "crouching tiger, hidden dragon," the International Energy Agency has increased its 2013 consumption outlook by 240,000 bpd to 90.8M bpd. The IEA cited an expected rise in demand from a recovering Chinese economy as a main reason for the new forecast, which comes as OPEC, and Saudi Arabia in particular, cuts production. However, the agency is not worried about the kingdom's reduction in output.
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