IEA cuts oil demand forecast due to prices, economic outlook

05/23/2011
In its latest monthly oil market report, the International Energy Agency revised downward its forecast for 2011 global oil product demand growth as a result of persistent high prices and weaker projections for economic growth in the developed countries of the Organization for Economic Cooperation and Development.With a new forecast from the International Monetary Fund putting 2011 economic growth in the world's advanced economies at 4.3% vs. 4.8% growth in 2010, IEA now projects that global oil demand will climb 1.3 million b/d this year to average 89.2 million b/d. In 2010, worldwide oil demand grew by 2.8 million b/d.A month ago, IEA's forecast put 2011 global oil demand growth at 1.4 m...
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