The International Atomic Energy Agency (IAEA) has revised up its forecast for global oil product demand growth for 2011, with demand averaging 88.5 million barrels a day, which is 300,000 barrels more in comparison to the previous forecast, RIA-Novosti reports citing a statement release by the agency on Friday.

The forecast was revised due to an increased demand for oil in the countries comprising the Organization for Economic Cooperation and Development.