Thursday 13 October 2011

IEA trims oil demand forecast

The International Agency has trimmed its oil demand forecast in its latest oil market report. The energy agency lowered its global forecast for 2011 by 50 thousand barrels a day (k/bd) and by 210 k/bd for 2012.

The adjustment takes into account the lower than expected growth of global GDP by the International Monetary Fund's World Economic Outlook Report, which downgraded the outlook for growth by 0.1% for 2011 and 0.3% for 2012.

The IEA's report also estimates that oil demand will stand at 89.2 million barrels a day in 2011.