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World oil demand set to fall - IEA

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World oil demand set to fall - IEA

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World demand for oil will contract sharply this year according to the International Energy Agency

The IEA, which advises industrialised nations, has revised downwards its earlier forecast by almost one million barrels a day as the global economic slowdown further erodes consumption. It had previously said demand would recover this year due to the resilience of emerging economies such as China, but now no longer believes that.