IEA Trims 2011 Global Oil Demand Outlook

PARIS ( TheStreet) -- The International Energy Agency on Wednesday trimmed its global oil demand forecast for 2011 because of higher prices and slowing economic growth.

The IEA, in its monthly report, said it expects global oil demand in 2011 will be 89.5 million barrels a day on average. That's 60,000 barrels a day lower than the IEA's previous forecast.

However, the agency raised its estimate for oil demand growth in 2012 "due to oil-fired power needs in Japan." The IEA said it expects global oil demand to rise by 1.6 million barrels a day on average to 91.1 million barrels a day.

-- Written by Joseph Woelfel

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