Oil demand and cost burden to keep on rising: IEA

PARIS: The strong economic recovery will fuel ever greater demand for oil this year, with higher fuel prices expected to add a 15 percent burden on advanced economies, the IEA warned on Thursday.

"Under current assumptions for global GDP, oil price and oil demand, the global oil burden could rise to 4.7 percent in 2011, getting close to levels that have coincided in the past with a marked economic slowdown," the International Energy Agency said in its latest monthly Oil Market Report.