The International Energy Agency has announced a large demand from China for oil.

While Chinese demand for oil last year was subdued with the economic crisis, it has since jumped 28%.

The IEA has said emerging countries from all over South East Asia will spur the demand for oil from now on, with underpinnings from ample physical oil supplies.

Crude oil production by countries in the oil producers' cartel OPEC rose to a 14-month high of 29.2 million barrels a day in February.