IEA Cuts 2008 Demand Forecast as U.S. Economy Slows

The International Energy Agency, an adviser to 27 industrialized nations, cut its forecast for 2008 global oil demand because of the slowing U.S. economy.

The agency reduced its forecast for demand this year by 200,000 barrels a day to 87.6 million barrels a day. That lowers the annual growth rate to 1.9 percent, down from 2.3 percent in last month's Oil Market Report.

``The economic environment is clearly paramount,'' the Paris-based agency said today in its report. ``An economic slowdown has the potential to change the landscape over the next few years: depending on how deep it is and how long it lasts.''

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- Posted: 2008-02-13 10:14:15

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