The International Energy Agency has reduced its 2012 global demand forecast by more than 3 million barrels a day. The cut is based on a belief that record prices and slower economic growth will curb fuel purchases. "With oil prices hitting $140 we are clearly in the third oil shock, with prices affecting economic growth. Truck drivers are going on strike. Airlines are closing down," IEA Executive Director Nobuo Tanaka said today at the World Petroleum Congress in Madrid.

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