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IEA Anticipates Global Oil Demand to Drop

Source: KUNA 9/13/2011, Location: Middle East

The International Energy Agency (IEA) said global oil demand would drop by 200,000 barrels per day (bpd) in fourth quarter this year because of slow economic growth worldwide. The Paris-based energy consumers' organization that groups 28 of the world's most industrialized countries, anticipated, in its monthly report, continuous decline in global oil demand, by 400,000 bpd, in 2012.

It attributed this decrease to slow economic growth in industrial countries and China. IEA also projected global oil demand to reach 89.2 million bpd this year, more 1.2 percent than 2010. The powerful IEA oversees and advises on energy policies in its member countries and closely monitors a 90-day forward consumption oil reserves that are obligatory for all members.

IEA welcomed resumption of oil production in Libya, but said full operation would need tough and long time. The Paris-based IEA has cooperation agreements and information exchanges with the OPEC oil producer group, which includes Kuwait and major Gulf countries.

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