Published : Oct. 14, 2012 - 21:27
The International Energy Agency has slashed its five-year global oil demand forecast, saying prices could fall by about 17 percent over the period.
The report released Friday cut growth in demand over the period by 500,000 barrels a day, citing slowing growth worldwide and moves to reduce the use of fossil fuels.
However, the report noted that uncertainty about the supply was exceptional, citing particularly worries of disruptions in Iran and the rest of the Middle East.
Oil prices had risen in recent weeks, driven mainly by turmoil in the Middle East, but the report appeared to dampen them, with Brent crude prices sliding more than a dollar to below $115.
(paulkerry@heraldcorp.com)