Oil forecast cut

Saturday 16 January 1999 01:02 GMT

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Oil forecast cut

THE International Energy Agency yesterday cut its forecasts for oil growth in 1999, saying that the weakening global economy had damaged prospects for recovery. In its monthly oil report, the IEA said global oil demand would grow by an average of 1.1 million barrels per day (mb/d) in 1999. This is 0.6mb/d lower than forecast in last month's report.

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