Oil Agencies Turn Less Optimistic Towards Demand Outlook

In light of economic slowdown and heightening global uncertainties, oil agencies revised modestly their outlooks for oil demand growth. The OPEC lowered the demand estimates for both 2011 and 2012, the IEA trimmed this year's outlook but raised next year's and the EIA raised demand from 2010-2012 but the size of growth in 2011 was lowered as a result.

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Oil Agencies Turn Less Optimistic Towards Demand Outlook