IEA cuts oil demand growth forecasts for 2011, 2012
On Tuesday September 13, 2011, 6:43 am EDT
By Christopher Johnson
LONDON (Reuters) – World oil consumption will increase more slowly than expected this year and next as the pace of global conomic growth eases, the International Energy Agency (IEA) said on Tuesday.
In its monthly oil market report, the Paris-based agency said financial and conomic headwinds were gathering momentum and significant conomic threats skewed the demand side risk to the downside.
David Fyfe, head of the IEA’s oil industry and markets division, said the oil market had been tight in recent months but the balance could ease if there were no further disruptions to supply.
“It is possible that we could see an easing in the tightness of the market in the months ahead,” Fyfe said.
Actually in the big picture almost nothing has changed for years except the willingness of folks to be stampeded in one direction or the other and then blame it on all sorts of things……