Slow economy, higher output to drive oil prices downwards: IEA
- Middle East: Saturday, October 13 - 2012 at 01:55
The International Energy Agency (IEA) has said global oil prices will begin to decline gradually over the next five years due to sluggish economic growth and increasing energy efficiency as production rises steeply in Iraq and north America, Reuters has reported. The energy watchdog cut its global oil demand growth projection for 2011-2016 by 500,000 barrels per day (bpd), compared with its previous report in December 2011. "Readings suggest a gradual easing of prices over the forecast period," the IEA said in its Medium-Term Oil Market Report. In its previous report in December 2011, the IEA said it expected global oil demand to rise by around 8% between 2010 and 2016, but said it saw markets becoming less tight than in previous years.
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