IEA Slashes World Oil Demand Growth Every Quarter in 2006

Global oil consumption in 2006 is not expected to grow as rapidly as previously thought because high prices are undercutting demand, the International Energy Agency said Tuesday.

In its widely watched monthly report, the Paris-based IEA cut its oil demand growth forecast by 16% for 2006 as the impact of $60 a barrel oil that has persisted for most of this year takes its toll on consumers and industrial users.