International Energy Agency sees continued oil market tightness over Medium Term; Developing countries total consumption will equal mature economies by 2015
Jul 1st, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwideThe International Energy Agency announced today a cut of more than 3 million barrels a day from its 2012 global demand forecast because record prices and slower economic growth will impact fuel purchases. However, a fall in OPEC spare capacity to a ``negligible'' 1 million barrels a day by 2013 will keep the market `tight,'' the Paris-based agency said in its Medium-Term Oil Market Report today. Oil above $140 is reducing consumption in the the 27 country members of the IEA, including Ireland. The IEA said that developing countries will drive demand growth, their total consumption equalling that of mature economies by 2015.