VOL. XLV

No 7

18-February-2002

SUPPLY/DEMAND

IEA Reduces Demand Growth OutlookFor 2002

The International Energy Agency (IEA)has reduced by 60,000 b/d its demand growth forecast for this year to 500,000b/d, blaming mild weather in January for the reduction. In the latest issue ofits monthly Oil Market Report, published on 8 February, the agency saysthat opposing forces are at work in the oil markets: Reduced supply from OPECis putting upward pressure on crude prices. At the same time, lower...