The agency, which provides energy advice to the world’s most industrialised nations, cut its global oil demand growth forecast for this year by 250,000 barrels per day (bpd) to 800,000 bpd.
“This month’s report dwells on recent economic downgrades, and resultant weaker oil products demand growth for 2012,” the IEA said. “This is providing a ceiling for otherwise stubbornly-high crude prices.”
The IEA cited a cut by the International Monetary Fund (IMF) in its economic projections with the...
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