Nigeria and other oil producing nations are expected to bounce back to an increase in oil prices, if the latest report of the International Energy Agency, IEA, is anything to go by. World oil demand will rise much more than expected this year, the IEA said in its release, in the latest sign that the collapse in oil prices is helping to boost fuel use.IEA’s report came at a time the Organisation of the Petroleum Exporting Countries, OPEC, stuck to its forecast that oil demand will pick up this year. But it warned that over-supply may still keep a “ceiling” on oil prices, even as it kept on increasing its own output to a two-year high.
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