RTTNews - Monday, the International Energy Agency lowered its oil demand forecast through 2014. Two years of global oil demand contraction in 2008 to 2009 reflect the worst economic recession in over fifty years, the agency reported.

Downgrading the forecast, IEA said the oil demand would rise 0.6% or 540,000 barrels per day on average during 2008-2014. In its latest Medium-Term Oil Market Report, the Paris based agency said the oil demand would rise to 89 million barrels per day in 2014.

Further, IEA said oil supply capacity will grow 4 million barrels a day during 2008 to 2014, around 1.5 million barrels per day less than in the previous outlook a year ago.

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