IEA: World Oil Demand In ‘04, ‘05 Higher Than Expected

The International Energy Agency Wednesday trimmed its global oil demand growth prediction for this year and said there was increasing evidence that surging petroleum product prices were crimping demand.

The energy security watchdog for the 26-member Organization for Economic Cooperation and Development also said in it latest monthly oil market report that ‘astonishing’ growth in Asia and the Middle East had forced it to make hefty increases to its baseline demand levels over the last two years.
Schlumberger