IEA Reduces Global Crude Demand Growth Forecast To 1.1Mn B/D For 2012

The International Energy Agency (IEA) has reduced its estimate for global oil demand growth in 2012 to 1.1mn b/d from the earlier 1.3mn b/d in its latest monthly Oil Market Report (OMR), released on 18 January. The IEA said an “exceptionally precarious” economic backdrop in the fourth quarter of 2011 saw oil consumption globally return to a declining trend. Global oil demand fell by 0.3mn b/d (-0.3%)...