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The International Energy Agency raised its forecast on Wednesday for global oil demand this year and next following new data showing stronger than expected economic growth, especially in rich developed economies.

The Paris-based energy watchdog says global demand for crude will reach 86.9 million barrels a day this year, up from its forecast last month of 86.6 million barrels a day.

The IEA said in its monthly report that oil demand next year will reach 88.2 million barrels a day, up from its forecast last month of 87.9 million barrels a day, based on the latest economic forecast from the International Monetary Fund earlier this month.

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The IEA - the energy arm of the Organisation for Economic Cooperation and Development, a grouping of the world's richest nations - said rich world oil demand will rise 0.7 per cent this year to 45.8 million barrels a day, while growth in non-OECD countries will rise 4.7 per cent to 41.2 million barrels a day.

Next year, rich world oil demand will resume its long-term decline, the IEA said, falling 0.6 per cent, while non-OECD demand will continue to rise, growing 3.7 percent.

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