The IEA cuts its outlook for global Q4 oil demand by 290K bpd to 90.1M bpd, due to "persistent...

|By:, SA News Editor

The IEA cuts its outlook for global Q4 oil demand by 290K bpd to 90.1M bpd, due to "persistent weakness" in Europe and the effect of Hurricane Sandy, which chopped U.S. consumption by 230K bpd in October. In its monthly report, the agency also lowers its 2013 growth forecast by 100K bpd to 830K bpd, which would take total consumption to 90.4M bpd.