EIA lowers 2001 world oil demand growth forecast

Click here to enlarge imageAlthough the US Energy Information Administration cut its forecast for world oil demand growth this year to 1 million b/d for 2001 from its previously predicted 1.2 million b/d, it said that prospects for world demand growth will not be as dim as some had earlier predicted.The agency said that the Organization of Petroleum Exporting Countries will need to increase production well above the group's new quotas by yearend, even after allowing for current levels of quota-breaking."Despite this revision, the prospects for growth in world oil demand are not as unlikely as some estimates have suggested, and excess oil supplies, not disappearing demand, were large...

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