The IEA cut its forecast for oil demand due to a lowered GDP outlook to 1M barrels per day this...

|By:, SA News Editor

The IEA cut its forecast for oil demand due to a lowered GDP outlook to 1M barrels per day this year and 1.4M barrels per day in 2012. The agency now sees a small surplus if "significant downside risks" to the economy push growth lower. Libya - the wildcard in the mix - is expected to produce 350K-450K daily barrels of oil, ramping up to 1.1M by the end of 2012.