World oil consumption

WORLD OIL consumption this year has been weaker than expected, and the chances of a significant recovery during 1999 have receded, says the latest monthly report from the International Energy Agency (IEA).

The agency cut its forecast for global oil demand in 1998 by 0.2 million barrels per day to 74.3 million and its 1999 forecast by 0.4 million to 75.6 million. The report comes a fortnight before Opec's next full ministerial meeting, where more production cuts are expected to be discussed.