IEA Foresees Oil Demand Growth Cooling

The sizzling growth in world oil demand will cool somewhat to 2.2 percent in 2005, as China and other oil-hungry developing countries approach their limits for refining and transporting crude, the International Energy Agency predicted Tuesday.

Demand next year will average 83.2 million barrels a day, and crude supplies from Russia, Angola and Brazil will meet the bulk of the increased needs, the agency said in its monthly oil market report.

The New York Times