World energy agency slashes 2012, 2013 forecasts | Bangkok Post: news

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World energy agency slashes 2012, 2013 forecasts

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Hit by the shocks of hurricane Sandy and recession in much of Europe, the International Energy Agency has reduced its world oil demand forecasts for 2012 and 2013, it said on Tuesday. 

A Statoil photo from last year of its Huldra oil rig in the North Sea. Hit by the shocks of hurricane Sandy and recession in much of Europe, the International Energy Agency has reduced its world oil demand forecasts for 2012 and 2013, it said on Tuesday.

In its monthly report on the world oil market, the Paris-based IEA now believes global demand will increase by 670,000 barrels a day in 2012 to 89.6 million bpd. This is 60,000 bpd less than assumed a month ago.

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