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Page added on January 19, 2012
IEA cuts 2012 global oil demand growth forecast
The International Energy Agency said on Wednesday that it expects global oil demand to grow by 1.1 million barrels a day in 2012, which is lower than its previous estimate of 1.3 million barrels a day. “Clear signs of economic weakness tipped global oil demand into a declining year-on-year trend at the end of 2011, down 0.3 mb/d in [the fourth quarter of 2011], its first such drop since the tailend of the credit crunch,” the IEA said in its monthly oil market report released on Wednesday. The significantly lower starting point led the agency to reduce its estimate for 2012.
One Comment on "IEA cuts 2012 global oil demand growth forecast"
Kenz300 on Thu, 19th Jan 2012 5:57 pm
Quote — ” International Energy Agency said on Wednesday that it expects global oil demand to grow by 1.1 million barrels a day in 2012″
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Even in a bad economy with little growth in world GDP we see oil demand rising. The rise in energy use by China and India continues.