Paris - With the economic crisis bottoming out and recovery forecast to begin in some countries as early as the end of this year, global demand for oil and its cost are also set to rise, the International Energy Agency (IEA) said Monday in Paris.

Depending on the strength of the economic recovery, oil demand is projected to grow at an average of between 0.4 and 1.4 per cent per year after 2009, the IEA said in its Medium-Term Oil Market Report.

Projections continue to show global oil demand falling for 2009, the first time since the IEA was founded in 1974 that the world experienced two consecutive years of declining demand for crude oil.

In addition, the price of a barrel of oil will be between 51 and 72.40 dollars in 2014, again depending on the extent of the rebound, the IEA said.

However, the agency issued this projection with the caution that "speculative financial flows into and out of futures markets" can influence the price of oil as much as market fundamentals.

The price of a barrel of oil soared to 150 dollars a barrel last summer before plunging to near 30 dollars because of the economic crisis. (dpa)