Global crisis prompts IEA to slash forecasts
Wednesday 14 December 2011
The global economic downturn prompted the International Energy Agency to slash its forecast for oil demand growth yesterday by more than a fifth for the year.
The agency cut its prediction by 200,000 barrels a day, or 22 per cent, to 700,000. It also cut its forecast for daily global oil consumption this year to 89 million barrels a day.
The IEA said crude oil production by Opec countries rose to its highest level in more than three years in November to 30.7 million barrels a day.
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