World Oil Demand Slides Further After Storm Sandy

From Daily Times

Hit by the shocks of hurricane Sandy and recession in much of Europe, world oil demand is set to fall further than earlier forecast in 2012, the International Energy Agency said on Tuesday.

In its monthly report on the world oil market, the Paris-based IEA now believes global demand will increase by 670,000 barrels a day in 2012 to 89.6 mbd. This is 60,000 bpd less than assumed a month ago.

For 2013, the IEA slashed its demand forecast by 100,000 bpd to a rise of 830,000 bpd to reach 90.4 mbd.


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