oil demand to Growth in slow 2011
7:15 AM
Unknown
Growth in oil demand to slow
The Paris-based International Energy Agency (IEA) said on 12 May that growth in global demand for oil is expected to slow in 2011 due to persistent high prices and weak economic outlook in advanced economies. Aday earlier, the Organization of the Petroleum Exporting Countries (OPEC) said that stronger Asian consumption would offset the negative effect of high oil prices in the West.
The IEA said in its May oil market report that demand for oil products is now expected to grow by 1.3 million barrels per day to 89.2 million barrels per day for the year, 190,000 barrels per day less than previously forecast. Preliminary data for March suggested growth in demand had been at near zero for the first time since summer 2009, the IEA said.
While the March figures may have been distorted by the Japanese tsunami and other exceptional factors, the IEA said it expected the weakened economic outlook for OECD (Organization for Economic Cooperation and Development) members - which include the United States, Japan and much of Western Europe - to rein in demand growth.....MORE
Posted in 
Subscribe to:
Post Comments (Atom)
No Response to "oil demand to Growth in slow 2011"
Post a Comment