IEA slashes its medium-term outlook for global oil demand by 3.7%, forecasting demand of 87.9M...

|By:, SA News Editor

IEA slashes its medium-term outlook for global oil demand by 3.7%, forecasting demand of 87.9M b/d in 2013, down from a previous 90.25M, and 6.25M lower than its original forecast last July. "The global financial crisis has turned the economic landscape upside down, with huge implications for the oil and gas sector," IEA's Nobuo Tanaka says. Currently, crude futures are +0.9% to $69.80.