The International Energy Agency has scaled back its forecast for global demand for crude oil from OPEC during the second half of this year, largely because of slumping growth in China. OPEC will need to reduce oil production by 1.1 million barrels a day, the IEA says. "While Europe's economic woes are taking a toll on demand, there are mounting signs that China's oil use, like its economy, may have shifted to a lower gear," the IEA said.

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