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The International Energy Agency (IEA) reduced its forecast for the growth in global oil demand for 2014 by 0.1 million barrels per day due to diminished GDP expectations from IMF.
In the “Oil Market Report (OMR) for August” released by IEA, the projection for the global oil demand was revised downwards from last month’s 1.2 million barrels per day to 1.1 million bpd for the year 2014.
Compared with 2013, the demand is still higher for 2014, “but reduced GDP outlook trims growth” IEA said, adding that the demand in 2013 is largely unchanged.
The IEA’s new projection came after the International Monetary Fund (IMF) updated its outlook for global economic growth, lowering its forecast from 3.3 percent to 3.1 percent this year, and a slight increase to 3.8 percent next year.