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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Frank Pembleton who wrote (92290)7/14/2001 4:58:11 PM
From: Frank Pembleton  Read Replies (1) of 95453
 
Energy group cuts oil forecasts

Bruce Stanley
The Associated Press

LONDON - Faltering economies and high oil prices have cut the world's thirst for crude, prompting an international energy group yesterday to once again cut its estimate for growth in demand.

The Paris-based International Energy Agency reduced its projected demand growth by 510,000 barrels of oil a day -- the seventh downward revision in its forecast since last summer, when economic prospects looked much brighter.

The IEA is the energy watchdog of the Organization for Economic Cooperation and Development, which represents the interests of oil-dependent wealthy countries.

Although average crude prices fell by US$1 per barrel in June, they are still high enough to dampen demand, the IEA said.
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