LONDON -- The International Energy Agency Monday made a big, 3.7% cut to its medium-term forecast for total world oil demand compared with its previous estimate, suggesting the impact of recession and energy-efficiency efforts may help keep future crude price spikes in check.
The Paris-based IEA said it expects global oil demand by 2013 to average 87.90 million barrels a day, down 3.35 million barrels a day compared with its previous forecast in December. The latest projection is 6.24 million barrels a day, or almost 7%, below the IEA's original 2008-13 forecast last July. The lower growth forecast "assumes any rebound in the global economy will be slower and attain lower trend growth than the [International Monetary Fund] projection," the IEA said.
Full Story: IEA Cuts World Oil Demand Forecast 3.7% - Wall Street Journal
The Paris-based IEA said it expects global oil demand by 2013 to average 87.90 million barrels a day, down 3.35 million barrels a day compared with its previous forecast in December. The latest projection is 6.24 million barrels a day, or almost 7%, below the IEA's original 2008-13 forecast last July. The lower growth forecast "assumes any rebound in the global economy will be slower and attain lower trend growth than the [International Monetary Fund] projection," the IEA said.
Full Story: IEA Cuts World Oil Demand Forecast 3.7% - Wall Street Journal
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