Global Oil Demand Slows

Global oil demand is expected to rise slowly in 2008 due to slower economic growth in the US and other countries, according to the International Energy Agency (IEA).

World oil consumption is set to rise by 1.27 million bpd in 2008, 460,000 bpd less than the previous forecast, according to the IEA Oil Market Report.

Oil inventories from non-OPEC countries are also set to drop, the agency warns.

By Ozge Ibrahim