Oil demand on the wane, says think-tank

WORLD demand for oil is more likely to slow down than rush ahead for the first time in two years a leading energy think-tank said today.

The Paris-based International Energy Authority said it remained ‘concerned but not alarmed’ with warmer weather on the way, less likelihood of a surge in demand from China’s economic power house, increased output from the Organisation of Petroleum Exporting Countries (Opec) and Western stocks at a higher level than previously thought.