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IEA Cuts 2014 Oil Demand Growth Forecast to Weakest Level in Five Years

The International Energy Agency (IEA) today cut its 2014 oil demand growth forecast to its weakest in five years, still another factor for plunging oil prices. In its monthly oil market report, the Paris-based energy organization cut its forecast for the amount it expects oil demand to increase this year by 200,000 barrels per day to just 700,000 barrels per day.

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