The International Energy Agency (IEA) has made another downward adjustment to its forecast of global oil demand to reflect the uncertain economic outlook and the mild start to winter in the northern hemisphere. The cut in the IEA’s demand forecast comes at a time when Opec production has reached its highest level in three years. In its latest Oil Market Report, the Parisbased agency forecasts that oil demand will average 90.05 million b/d in 2012, an increase of 1.08 million b/d over 2011. However, the 2012 number is 220,000 b/d lower than the forecast it published last month (IOD Dec.14’11).
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