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International Energy Agency revised down its global oil demand forecast for 2011

September 13/2011

(ICIS) -- The International Energy Agency (IEA) on Tuesday revised down its global oil demand forecast for 2011 by 200,000 bbl/day to 89.3m bbl/day on reduced economic growth expectations, particularly in North America and Europe.

The IEA, a Paris-headquartered international agency that is run by members of the Organisation for Economic Co-operation and Development (OECD), in its most recent oil market report also cut its demand forecast for 2012 by 400,000 bbl/day to 90.7m bbl/day.

Amid recent negative economic developments, the report has lowered its global GDP growth assumptions for 2011 and 2012 to 3.9% and 4.2%, respectively, down from 4.2% and 4.4% previously, the agency added.

The agency also attributed its decision to cut the forecast to lower-than-expected oil demand readings in the third quarter of the year in non-OECD member countries, particularly in Asia and Latin America.

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