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Oil-Price Rout Seen Deepening by IEA as Pressure on OPEC Mounts

Oil prices could slide from a four-year low in the coming months as the market enters a period of weaker demand, increasing pressure on OPEC to reduce production, the International Energy Agency said.

Consumption will slide by about 1 percent to 92.6 million barrels a day in the first quarter from the current three-month period, the Paris-based adviser to 29 nations said in a monthly market report today. Barring new supply disruptions, the seasonal demand slump will push prices lower, it said. Members of the Organization of Petroleum Exporting Countries meet in Vienna to review their production target on Nov. 27.