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

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.
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