10 August 2012 09:15 [Source: ICIS news]
SINGAPORE (ICIS)--The International energy Agency (IEA) said on Friday it has lowered its oil demand growth forecast for this year and next year against the backdrop of a general slowdown in the global economy.
Oil demand growth may be restricted at 900,000 bbl/day this year, with the full-year demand seen averaging 89.6m bbl/day because of sluggish economic growth, the IEA said in its Oil Market Report.
For 2013, oil demand may just grow by 800,000 bbl/day, with average demand for the year estimated at 90.5 m/day, it said.
“Baseline revisions for the FSU [former Soviet Union], China and Middle East lower absolute demand by 0.3 mb/d [300,000 bbl/day] for 2011/2012 and, combined with weaker economic growth assumptions, trim the 2013 demand total by 0.4 mb/d [400,000 bbl/day],” the IEA said.
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