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IEA says oil demand is slowing
- Wednesday, May 14 - 2008 at 11:31
A new report by the International Energy Agency (IEA) predicts that world oil demand will rise less than expected in 2008 because prices have hit record levels and growth in the US and elsewhere is sluggish, reported Reuters. Consumption will rise by 1.03 million barrels per day, 230,000 bpd less than the previous forecast, the IEA said. The agency has more than halved its estimate from 2.2 million bpd in July 2007 and may cut it further.
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Jeff Florian, Senior ReporterWednesday, May 14 - 2008 at 11:31 UAE local time (GMT+4)
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