VOL. XLV

No 11

18-March-2002

SUPPLY/DEMAND

IEAAgain Cuts 2002 Oil Demand Growth Forecast, Predicting Shallow EconomicRecovery

The InternationalEnergy Agency (IEA) has reduced its forecast for 2002 oil demand growth by afurther 80,000 b/d to 420,000 b/d, because of recent weak demand and reducedexpectations of an economic upturn. In its latest monthly Oil Market Report,published on 12 March, the IEA says: The second and third quarter estimateshave been raised, in line with broad indicators showing...