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Demand for oil set to drop

The International Energy Agency has lowered its estimate for global oil demand this year after "lower than expected" economic growth.

The Paris-based agency based its forecast on an "unusually severe recession" in rich countries, and also revised its expectations for developing countries.

In the IEA's monthly survey, this year's forecast is cut by a daily 1 million barrels to 83.4 million barrels a day - 2.8 percent lower than last year.

In rich countries belonging to the Organization for Economic Cooperation and Development, the IEA forecasts a cut of 760,000 barrels to 45.2 million barrels a day - 4.9 percent lower.

In non-OECD developing countries, its forecast is down 230,000 barrels to 38.3 million barrels a day - 0.1 percent lower than 2007 and the first contraction in non-OECD demand since 1994.


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