IEA Cuts Worldwide Oil Demand Forecasts for 2011, 2012 as Recovery Falters - Bloomberg

The International Energy Agency cut global oil demand forecasts for this year and next as the economic recovery falters.

The Paris-based adviser reduced its estimate for 2012 consumption by 400,000 barrels a day, and for 2011 by 200,000 a day. Worldwide demand will rise by 1.2 percent to 89.3 million barrels a day this year and by 1.6 percent to 90.7 million next year. The full resumption of Libyan exports following the ouster of Muammar Qaddafi will be “long and difficult,” it said.

“Global oil demand continues to expand at only a tepid pace,” the IEA said today in its monthly Oil Market Report. “There are certainly growing concerns about the health of the global economy.”

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