Societe Generale Reduces 2011 Oil Price Forecast By $7 to $85
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Societe Generale SA cut its oil price forecast for next year to $85 a barrel from $92 as demand growth slows and production outside OPEC expands.
Growth in worldwide crude consumption in 2011 will decrease to 1.4 million barrels a day from 1.8 million a day this year, as the pace of economic recovery slackens, France’s second-largest bank by market value said in a report today.