Opec and IEA publish conflicting visions of economic growth

Opec published its latest Monthly Oil Market Report on Tuesday 12 July. The report forecast slightly lower demand growth at 1.36mn bl/day in 2011, compared to 1.38mn bbl/day projected in last month's report. The cartel said the demand forecast was lowered as the global economy remains unsteady. The following day the International Energy Agency (IEA) released its Oil Market Report where it predicted a demand increase of 0.2mn bbl/day to 1.3mn bbl/day. The group forecast oil demand to increase by 1.5mn bbl/day next year as global economic growth accelerates.
Opec     IEA