IEA, OPEC reduce demand forecasts

03/27/2006
The International Energy Agency, in its March Oil Market Report, reduced its 2006 global oil demand growth forecast by 290,000 b/d to 1.49 million b/d because of high prices for petroleum products in Southeast Asia (OGJ Online, Mar. 14, 2006).Deutsche Bank AG described the reduction as “a bold step” for IEA. Although regional economic activity remains relatively strong, IEA estimates oil consumption in Indonesia could decline as much as 20% in 2006 because of rising fuel prices. Deutsche Bank said, “New car sales in Europe are about 50% diesel-powered, and this is supporting rising efficiency. The situation in China remains murky as usual, but it appears that demand ther...
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