The International Energy Agency (IEA) has cut its forecast for 2011 global oil demand, citing growing concerns over government debt and the likely slowing of economic growth. IEA projects oil demand will be 89.5 MMbbld on average this year, or 60,000 bbld less than its previous forecast. The Paris-based agency warned in its updated forecast that an economic downturn or another financial crisis this year could further reduce demand by as much as 1.3 MMbbld in 2012. Nevertheless, IEA projects 2012 demand to rise to 91.1 MMbbld, largely because of Japanese oil needs in the energy sector.
展开▼
