The IEA slashed estimates for global oil demand, cutting 50 thousand barrels per day in 2011 and 210 kb/d in 2012.
This is based on global GDP growth projections of 3.8% this year and 3.9% next year “with significant downside risk.” Previous estimates were 3.9% and 4.2%.
Here’s the outlook by region: U.S. down; Europe crushed; Asia keeping growth alive.
Notably, the IEA raised output estimates for Libya by 600,000 b/d by year end, saying production is coming back online faster than expected.
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