IEA Cuts Oil Demand Forecast
A slowing global economy coupled with strong prodcution has caused the IEA to cut its global oil demand forecast. Global demand will grow at 1.1 million a day, instead of the previously forecast 1.3 million. It is certainly a sign…
A slowing global economy coupled with strong prodcution has caused the IEA to cut its global oil demand forecast.
Global demand will grow at 1.1 million a day, instead of the previously forecast 1.3 million. It is certainly a sign that the agency favors the pessimistic views of world GDP growth
“Clear signs of economic weakness tipped global oil demand into a declining year-on-year trend at the end of 2011, down 0.3 mb/d in [the fourth quarter of 2011], its first such drop since the tailend of the credit crunch,” the IEA said in its monthly oil market report
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