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IEA cuts forecast for global oil demand in 2011 on back of renewed recession fears
PARIS (AP) ' The International Energy Agency has trimmed its forecast for global oil demand this year, saying increased evidence of economic slowdown has raised fears of a double-dip recession.
The Paris-based agency says in its monthly report that global oil demand this year will be 89.5 million barrels a day on average, or 60,000 barrels a day fewer than the IEA's previous forecast.
In its report Wednesday the IEA says "concerns over debt levels in Europe and the U.S., and signs of slowing economic growth in China and India have spooked the market and raised fears in some quarters of a double-dip recession."