The International Energy Agency raised its forecast for oil demand in the second half, putting pressure on the Organisation of the Petroleum Exporting Countries ahead of its meeting next week to raise official production levels.

The IEA, which advises 26 countries on supply and demand, said in its monthly report, released on Friday, that global demand will reach 86.4m barrels a day in the fourth quarter, up 200,000 barrels a day from its forecast last month. The fourth-quarter call on Opec crude was revised up 300,000 b/d to 29.6m b/d.