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IEA again cuts 2008 oil product demand outlook

06/16/2008
The International Energy Agency has cut its outlook for 2008 oil product demand to an average 86.8 million b/d, a reduction of 80,000 b/d from the agency’s previous forecast. This puts worldwide product demand growth for this year at 800,000 b/d.The new estimate follows the reduction of price subsidies in several countries, including India, Indonesia, Malaysia, Sri Lanka, and Taiwan.In its latest monthly Oil Market Report, IEA says that speculators have been involved in crude’s price jump to near $140/bbl, but this trading activity is probably better defined as being risk management rather than speculation. Also an Israeli minister’s recent comments about Iran’s nu...
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