IEA Lowers Global Oil Demand Projections

The International Energy Agency cut its 2011 and 2012 projections for global oil demand. It lowered global oil demand forecast for 2011 and 2012 by 160,000 barrels per day and 200,000 barrels per day, respectively. IEA now projects global oil demand to average 89.0 million barrels per day in 2011 and 90.3 million barrels per day in 2012.