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IEA Again Cuts Oil-Demand Forecast

Wall Street Journal - Feb 10, 2012

The International Energy Agency cut its 2012 oil-demand growth forecast for the second time in just a few weeks as Europe's economic outlook weakens. The cutback comes as crude production from the Organization of Petroleum Exporting Countries reached its highest level since October 2008.

The IEA has cut half a million barrels a day from its 2012 oil-demand growth forecast since the start of this year, a change that it said leaves the oil market with enough flexibility to adjust to any loss of Iranian crude exports because of sanctions that will take effect in July.

This shows that basic oil supply and demand figures don't support prices at their current level of about $118 a barrel for Brent crude, said analysts at Bernstein Research in a note to clients. The IEA, which represents the interests of some energy consuming countries, said the perception of the risk of a supply disruption in Iran or other trouble spots like Sudan is preventing high oil prices from falling.

Read Full Article from Wall Street Journal

- Posted: 2012-02-10 15:20:12

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