The International Energy Agency has said that China’s 28% increase in demand for oil from last year is “astonishing”.

The agency has added that rising demand for oil will come mainly from developing countries, with half of the growth in demand coming from countries in Asia.

The IEA has increased its global oil demand forecast to 86.6 million barrels a day (up 0.3%).

The IEA said that, due to “heightening of geopolitical tensions affecting some producing countries” the oil price had on Friday reached its highest level in three months, $83 per barrel.