Global oil demand to hold steady this year: IEA

August 13th, 2008 - 3:16 pm ICT by IANS  

Paris, Aug 13 (Xinhua) Global demand for crude oil will hold steady at 86.9 million barrels a day (mbd) this year, the International Energy Agency (IEA) has said. The agency Tuesday forecast in its monthly report that global demand this year will rise only 0.9 percent from last year’s level, and will increase next year by 1.1 percent, going up to 87.9 mbd.

Oil supply exceeding demand has contributed to the recent drop in oil prices, while the appreciation of the US dollar has helped cool down risky ventures in the oil futures contract market, the report added.

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