IEA Cuts Oil Demand Growth Rate in First 3 Quarters of 2006

Global oil demand at the end of last year fell sharply as high prices undermined consumption, with estimates for oil use in the first three quarters of this year also being revised down, the International Energy Agency said Friday.

The IEA, the energy watchdog for the Organization for Economic Co-operation and
Development, indicated in its widely watched monthly report that while global oil supplies were healthy, high energy prices led by geopolitical events were eating away at consumer demand.

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