World Oil Demand Will Be Lower Than Expected in 2011
The IEA cut its forecast for 2011 demand to 1.21 million barrels per day, from 1.27 million bpd, Reuters reported. The agency also increased its estimate for 2010 by 260,00 bpd, citing factors such as heating oil restocking.
If world economic growth falters, that could impact world oil demand, the agency said.
"If the lower case GDP scenario materializes, that would trim demand quite dramatically and the market would look very well-supplied through 2011," Fyfe said.