EIA Lowers Oil Demand Forecast
The Energy Information Administration Wednesday reduced its projected oil forecast for global demand, citing lower economic growth. The statistics arm of the U.S. Energy Department expects global oil consumption to rise by 1.4 million barrels a day in 2011, down from last month’s forecast of 1.5 million barrels. The consumption growth forecast for this year remains unchanged at 1.6 million barrels per day. Despite weaker than expected demand and the recent drop in world oil prices, a draw down in global oil inventories should support prices.
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