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Prices are now 58 percent below their peak of $145.29 a barrel in July.
As a result of higher prices and lower growth, the energy agency slashed its forecast for global oil demand by more than 10 million barrels a day over the next two decades. It now expects oil consumption to reach 106 million barrels a day in 2030, up from 86 million barrels a day this year.
But even with the lowered demand forecast, the agency warned that the period of lower prices may not last as producers fail to increase oil supplies to meet the developing world’s rising needs. It expects prices to average more than $100 a barrel through 2015, and possibly rise to $200 a barrel by 2030...
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