IEA reduces estimate for global oil consumption

PARIS — The International Energy Agency (IEA) cut its estimate for 2012 global oil consumption by 400,000 barrels a day, and for 2011 by 200,000 a day, Bloomberg reported.

According to the story, worldwide demand will rise by 1.2 percent to 89.3 million barrels a day this year and by 1.6 percent to 90.7 million next year.

“Global oil demand continues to expand at only a tepid pace,” the IEA said today in its monthly Oil Market Report. “There are certainly growing concerns about the health of the global economy.”