Oil..

IEA ups 2006 global oil demand estimate, lifts 2007 oil demand forecastLONDON (AFX) - The International Energy Agency raised its 2006 oil demand estimate and upped its 2007 oil demand forecast, citing a large revision to estimates of China's apparent demand.The Paris-based energy watchdog said in its monthly report it now sees 2006 global oil product demand at 84.5 mln bpd, implying an upward revision of 111,000 bpd from the last monthly report.For 2007, the IEA sees global oil product demand totaling 86 mln bpd, an upward revision of 273,000 bpd from the last monthly report.It added, however, that given revisions to the 2005 baseline comparison, the annual demand growth rate for 2006 remains unchanged at 1 pct, while that of 2007 has risen to 1.8 pct.The agency also noted while demand last year in OECD countries recorded its first significant drop since 1985, the drop "does not imply a change in the longer-term trend"."While OECD oil demand growth has fallen, in non-OECD it has been robust," said the agency.It also warned that "barring a global slowdown, in just three years the rate of oil demand growth will once more outstrip the growth of new oil supplies"."Without stronger policies to stem demand growth ... or more rapid growth of oil capacity, the slim respite from the tight spare capacity may prove very brief," said the agency.