IEA expects lower global oil demand for 2011/12 on downward growth

PARIS, Oct. 12 (Xinhua) -- The International Energy Agency on Wednesday revised down global oil demand projection for 2011 and 2012, based on "lower-than-expected" third quarter readings in the non-OECD area and a downward global growth assumption.

In its new oil market report, the Paris-based IEA put global oil demand down by 50,000 barrels per day (bpd) to an average of 89.2 million bpd for 2011, and down by 210,000 bpd to 90.5 million bpd for 2012.

Oil prices slide gathers pace on Greek worries

Oil prices have extended their falls from the end of last week amid continuing concerns about the Greek debt crisis and the weak US recovery.

The International Energy Agency's decision to release emergency reserves last week has also depressed prices.

International Energy Agency Supports Biofuels Roadmap

Biofuels can provide up to 27% of world transportation fuel by 2050, according to a new report from the International Energy Agency (IEA).

The report says that “the widespread deployment of biofuels can play an important role in reducing CO2 emissions in the transport sector and enhancing energy security, when produced sustainably.”