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Agency Cuts Oil-Demand Forecast

Posted Apr 11, 08 10:21 AM CDT in World,  Business 

(Newser) – The projected growth in the demand for oil worldwide is at its lowest level since the Sept. 11 terrorist attacks, but don't expect any any price relief, reports the Wall Street Journal. The IEA pegs projected growth at 1.3 million barrels a day, down 35% from its projection in  January. But even though the US and Europe will use less, booming nations such as India and China need more, which means OPEC can hold prices steady.

Source Wall Street Journal

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Mike Simmons turns a flange at an oil well in Signal Hill, Calif., The IEA says world oil demand is falling.   (AP Photo/Reed Saxon)
A pumpjack works outside Glenrock, Wyo. The IEA says demand for oil worldwide is falling.   (AP Photo/David Zalubowski)
A pumping unit sucks crude oil from the ground near Manhattan, Kansas. The IEA says oil demand is falling.   (AP Photo/Charlie Riedel)
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crude oil  • OPEC  • world economy  • IEA


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