The International Energy Agency releases its 2011 Oil forecasts, predicting the growth in demand to level off:
Global oil demand will not grow by as much next year as it is expected to do this year, while supply from outside the Organization of Petroleum Exporting Countries will continue to surge, says the International Energy Agency. In its first detailed projection for 2011, IEA said global oil demand will climb by 1.3 million b/d to 87.8 million b/d. IEA’s July Oil Market Report projects demand growth for 2010 at 1.8 million b/d to 86.5 million b/d. “North America will cease to act as an engine of demand growth in the OECD as the 2010 economic rebound, fueled by government spending and private-sector restocking, fades,” IEA said.
Full Article: IEA: Oil Demand Will Level Off – ogj.com