OPEC, EIA cut oil demand growth forecasts

Pinned back: OPEC and EIA reduce demand growth forecasts

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Bill Lehane

 10 October 2012 14:26 GMT

Both the US Energy Information Administration (EIA) and the Organization of Petroleum Exporting Countries (OPEC) have shaved more barrels off their predictions for growth in world oil demand.

The EIA cut 45,000 barrels per day off its expectations for this year to a growth of 790,000 barrels per day.

It also chopped 80,000 barrels off its prediction for next year of 920,000 barrels per day.

At the same time, the agency predicts non-OPEC oil production will grow 60,000 barrels per day more this year than previously expected, with growth next year unchanged.

Total production estimates were left largely unchanged at 52.53 million barrels per day in 2012, and 53.77 million in 2013.

World consumption for 2012 is expected to average 89.09 million barrels…

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