The International Energy Agency (IEA) has revised its medium-term forecasts for the oil market, and is now taking a much more bullish view of demand out to 2014. However, the agency sees the market becoming only mildly tighter because of an optimistic outlook for Opec production capacity. In its latest Oil Market Report, released Friday, the IEA upped its medium-term demand outlook by 1.9 million barrels per day, compared with a forecast it published in June. The revised forecast reflects successful economic and fiscal stimulus programs and expectations of stronger-than-expected GDP growth going forward.
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