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IEA Forecasts World Oil Demand Growth to Slow in 2011

Global oil demand will increase at a slower pace next year, as advanced nations trail China and other developing countries, the International Energy Agency said in its first assessment of 2011.

Worldwide daily crude oil consumption will climb 1.3 million barrels, or 1.6 percent, to average 87.8 million a day, the Paris-based adviser said in a monthly report today, leaving its estimate for this year unchanged at 86.5 million. The rate of demand growth for 2011 will be less than this year’s 2.1 percent as a result of increased fuel efficiency in the industrialized nations of the Organization for Economic Cooperation and Development, the IEA said.