Crude prices slip after IEA lowered demand forecast
Posted: 15 May 2006
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Oil prices fell after the International Energy Agency (IEA) lowered its forecast for global oil demand this year.
The IEA said it was cutting its global oil demand growth forecast due to high prices, while the University of Michigan said in its survey of U.S. sentiment that near-record gasoline prices pushed consumer optimism to its lowest point since Hurricane Katrina.
In a report on Friday, the IEA said high prices were having an impact on fuel use and cut its 2006 forecast for demand growth by 220,000 barrels per day (bpd) to 1.25 million bpd.
The agency, which advises 26 industri alised nations, also lowered the world's requirement for OPEC oil by 200,000 bpd to 29.2 million bpd for the year.
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