The International Energy Agency has cut its forecast for world oil demand by 570,000 barrels per day to 84.7 million barrels per day in 2009, although half a percent of world economic growth is still seen.
Lower Opec ouput helped cut world supply by 520,000 bpd to 85.2 MM bpd. Opec’s supply of crude in January was said to have fallen 950,000 bpd to 29 MM bpd.
Oil prices were steady on the spot market at between $40 and $45 a barrel.
The IEA made its forecast in Wednesday's release of teh February Oil Market Report.
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