IEA maintains 2012 forecast for global crude demand, warns of sustaining high risk for oil price hike
International Energy Agency (IEA) maintained its 2012 forecast for global crude demand at 820,000 barrels/day.
Preliminary data provided by IEA reveal that volume of crude exports from Iran in April and May declined by 1 million barrels/day compared to at the end of 2012 and that volume could further drop, which will drive up oil price again.
IEA pointed out the risk for an oil price hike mainly stems from electricity industry's demand for crude in summertime instead of OPEC reserve and the issue evolving around Iran.
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