THE International Energy Agency (IEA) on has revised down its global oil demand growth forecast for 2011 by 50,000 bbl/day and by 210,000 bbl/ day for 2012 because of a downward adjustment to GDP growth assumptions.Global oil demand in 2011 is now expected to rise 1.1%-or by 1.0m bbl/day compared with last year-to 89.2m bbl/day. In 2012, demand will rise 1.4%-or by 1.3m bbl/day-to reach 90.5m bbl/day.The IEA also cited lower-than-ex-pected third-quarter readings in the non-OECD (Organisation for Economic Co-operation and Development) nations as a reason for the downward revision.
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