IEA Blames Opec for Economic Downturn.

Oil Daily, The, October, 2002

IEA Blames Opec for Economic Downturn

The global economic downturn is taking its toll on oil demand, according to the latest data released by the International Energy Agency (IEA), as Opec's decision last year to keep a tight rein on crude supplies appears to be working against it.

In its monthly Oil Market Report, the Paris-based agency lowered its forecast for world oil demand growth next year to 1.04 million barrels per day, cutting 100,000 b/d to a new projection of 77.68 million b/d. Even though the US, the world's largest oil consumer, recorded demand growth in August, consumption slipped in all other key OECD nations except Korea, particularly in Germany and Japan. Japanese demand slipped for the 15th straight month.

The IEA, an OECD...