Citigroup Says Oil Demand to See Further Downward Revisions
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The outlook for oil demand likely will see further downward revisions amid higher fuel prices, said Ed Morse, global head of commodity research at Citigroup Inc.
“Almost everybody has reduced their expectations of demand for the year,” Morse said in a Bloomberg Television interview Wednesday. Citigroup reduced its forecast by about a third to 2.4 million-2.5 million barrels a day, similar to the US Energy Information Administration and the International Energy Agency. “Demand is simply not growing on an empirical basis to the degree that people had expected.”