The International Energy Agency Thursday cut its oil demand forecasts for 2008 and 2009 by 330 kb/d and 670 kb/d respectively, in response to gathering economic weakness. The following are highlights of
the IEA's October report: Oil prices continued their slide in October, with crude benchmarks falling around $25 since the last report to just under $60/bbl, as demand prospects weakened further. But, crude futures stabilised in early November on a cut in OPEC output targets and further coordinated efforts to prop up the global economy.