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Posted AT 6:43 AM EST on 13/05/08

IEA cuts world oil demand forecast

JANE MERRIMAN

Reuters

LONDON — World oil demand will rise less than expected in 2008 because of record prices and slower growth in the United States and elsewhere, the International Energy Agency said on Tuesday. Consumption will rise by 1.03 million barrels per day (bpd), 230,000 bpd less than the previous forecast, the IEA said. The agency has more than halved its estimate from 2.2 million bpd in July, 2007, and may cut it further.

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