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Market MovementIEA cuts oil demand projection Click here to enlarge imageCiting a slowing global economy as the basis, IEA has lowered its projections of worldwide oil demand growth this year by 140,000 b/d.In its February Oil Market Report, the agency says that demand for oil has been below expectations since October. January's demand growth was weak despite short-term fuel-switching to oil from natural gas in North America. Granted, in Europe and Asia, warmer weather and higher prices suppressed demand, but the remainder of the weakness can be blamed on the economic slowdown.With inventories of oil low, IEA is blunt in its discussion of OPEC's motives for implementing deep quot...

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