No 7



IEA Raises 2003 Demand Growth Forecast Slightly To 1.12Mn B/D

The International Energy Agency (IEA) has raised its forecast for 2003 oil demand growth by 80,000 b/d, mainly in anticipation of continued growth in Chinese demand. In the latest monthly Oil Market Report, published on 12 February, the IEA says that stronger than expected winter heating demand and fuel switching into oil in Japan and the US offset reduced demand in OECD Europe: The growth...