Posted by: youngragingbull | October 12, 2012

IEA lowers 2012 oil demand forecast

The International Energy Agency cut its 2012 oil demand growth forecast Friday as an increasingly gloomy economic picture continues to pressure consumption.

In its monthly oil market report the IEA  revised its expectations of global oil demand growth to 700,000 barrels a day this year.

The agency kept its 2013 demand growth forecast unchanged at 800,000 barrels a day.

The sluggish oil demand was met last month by a decline in supply from the Organization of Petroleum Exporting Countries, which fell to an eight-month low in September, the IEA said.

Lower output from Nigeria, Angola and Saudi Arabia failed to offset increased supply from Iraq and Libya, though OPEC’s production continued to outpace demand for its oil, the report said.

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