Global oil demand will hit a record high this year, the International Energy Agency (IEA) said, revising up consumption estimates as the world economy recovers from recession.

The Paris-based adviser to industrialized economies raised its forecast for world oil demand growth this year to 1.67 million barrels per day (bpd), up 100,000 bpd. The agency said in its monthly Oil Market Report that world oil demand would reach an average of 86.60 million bpd this year, up from 84.93 million in 2009. With the demand of oil increasing, expect oil prices and gasoline to get higher, making it more expensive to operate your fleet of trucks and landscape equipment.

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