IEA cuts global oil demand forecasts for this year and 2012
Sep 13th, 2011 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Global demand for oil will be lower than forecast earlier this year and next because of the faltering economic recovery, the International Energy Agency said today. The IEA, the energy watchdog of 28 developed nations including Ireland, cut its estimate for this year by 200,000 barrels a day and by 400,000 barrels a day in 2012. The agency said demand will rise by 1.2% to 89.3m barrels a day this year, and by 1.6% to 90.7m in 2012. The return of normal Libyan production will be “long and difficult,” it said.