Growth in Global Need for Oil Expected to Slow
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World oil demand growth will slow in 2005-06 from 2004 levels mostly because of less petroleum use by China, and oil consumption in the U.S. will rise slightly more than previously expected, the U.S. government’s top energy forecasting agency said.
The Energy Information Administration revised down its estimate for global oil demand growth next year by 100,000 barrels a day to 1.8 million.
The agency said oil demand growth would average 1.8% during the two-year period, compared with 3.2% in 2004.
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