IEA Cuts 2012 Global Oil Demand Growth Forecast

The International Energy Agency cut its target for 2012 global oil demand growth. The International Energy Agency lowered oil demand growth forecast to 800,000 barrels a day, versus its earlier outlook of 1.1 million barrels a day. It now projects global GDP growth of 3.3% for 2012, versus 4.0% level assumed since September.