IEA: Global Oil Demand Will Slow

Global oil demand will rise by 2.2 per cent next year, it is less than in 2004's record growth, the International Energy Agency stated.
The reasons they said were higher interest rates, which restrain US and European economies and the Chinese Government reining in use.
Consumption will jump by 1.82 million barrels to 83.2 million a day, the IEA said. It also raised the forecast for growth this year by 180,000 barrels, to 2.49 million barrels a day. The IEA said this year's increase in demand will be a record.
In China oil use will grow by 8.1 per cent next year, to average 6.8 million barrels a day, the agency said. That's almost half the 15 per cent rate assumed for 2004. China will still represent more than a fourth of growth in world demand.