IEA Reduces 2012 Crude Demand Growth Forecast

The International Energy Agency (IEA) has forecast a decline in the growth of crude oil demand during 2012 in the latest issue of it Oil Market Report (OMR), released on 10 February. “An increasingly problematic global economic backdrop – confirmed by the IMF lowering its economic projections – is seen supporting 0.8mn b/d of oil demand growth in 2012 (versus 1.1mn b/d in January’s OMR),” the report said.

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