Iraq produced an average of 850,000 barrels a day of oil in July, the International Energy Agency estimated, but said that the rate of output had risen to 1.1 million barrles per day towards the end of the month. The IEA also revised upwards its forecast for world oil demand this year by 100,000 barrels per day mainly because of economic recovery in China. The agency said in its monthly report that it now expected world oil demand for 2003 to be 1.11 million barrels per day. The agency held unchanged its forecast for demand in 2004 at 1.05 million barrels per day. The report said that members of the Organisation for Economic Cooperation and Development, the main consuming countries, had not rebuilt their stocks of oil in the second quarter despite a slight increase in June.

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