The IEA Wednesday cut its global oil demand growth forecast for 2012 with the market dragged down by a weakening world economy and stubbornly high prices while the crisis with Iran deepens.
The International Energy Agency in its January monthly report cut its outlook for 2012 demand growth to 1.1 millon barrels per day from 1.3 mbpd, citing the impact of a fall in demand in the fourth quarter of 2011 of 300,000 bpd.
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