2012 global oil demand growth forecast lowered

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Global oil demand was lowered today by the International Energy Agency who said that it expects global oil demand to grow by 1.1 million barrels a day in 2012, lower than its previous estimate of 1.3 million barrels a day.

“Clear signs of economic weakness tipped global oil demand into a declining year-on-year trend at the end of 2011, down 0.3 mb/d in [the fourth quarter of 2011], its first such drop since the tailend of the credit crunch,” the IEA said in its monthly oil market report released on Wednesday. The significantly lower starting point led the agency to reduce its estimate for 2012.

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