Saturday, February 11, 2012

WSJ: "IEA Again Cuts Oil-Demand View"

Feb 11-12 B4 print edition of the Wall Street Journal

The article explains that the International Energy Agency cut its oil-demand forecast once again after projecting further economic weakness in Europe.

Another article on the same page titled, "China Commodity Imports Decline" addresses "lackluster" global demand for products, reinforcing the message that there is no global recovery anticipated for 2012.

The more disturbing aspect of the first article is the IEA's assertion that the weakened demand "leaves the oil market with enough flexibility to adjust to any loss of Iranian crude exports that will take effect in July."

The heightened saber rattling toward Iran is infusing international economic institutions such as the IEA.

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