(MarketWatch) - The International Energy Agency (IEA) said Wednesday that it expects global oil demand to grow by 1.1 million barrels a day in 2012, revised lower from its previous estimate of 1.3 million barrels a day.
"Clear signs of economic weakness tipped global oil demand into a declining year-on-year trend at the end of 2011, down 0.3 million barrels a day in [the fourth quarter of 2011], its first such drop since the tail end of the credit crunch," the IEA said in its monthly oil market report.
The significantly lower starting point led the IEA to reduce its estimate for 2012.
The agency, which represents major energy-consuming rich countries, warned of "the rising likelihood of a sharp economic slowdown, if not outright recession," that creates the very real possibility of zero oil demand growth in 2012.
Crude oil futures for February delivery ticked slightly higher after the report, moving up 0.1 percent to $100.81.
Crude oil added $1.68, or 1.7 percent, to $100.37 a barrel on the New York Mercantile Exchange in the previous session, closing up at the highest level in three days.
Read more: MarketWatch
Source: http://www.myfoxdc.com/dpps/news/iea-cuts-2012-oil-demand-forecast-dpgonc-km-20120118_17158031
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