Agency Cuts Oil-Demand Forecast

Projected growth worldwide at lowest level since 9/11 attacks
By Jim O'Neill,  Newser User
Posted Apr 11, 2008 10:21 AM CDT
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)
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(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.