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BP: People Will Need Less Oil

As global economic growth is slowing, giving a respite to the oil industry

Chief Economist Peter Davies of oil giant British Petroleum said that the world?s energy consumption is likely to be lower this year as global economic growth slows, giving a respite to the oil industry after the rapid spike in demand that pushed prices higher in 2004.

Davies said the events that created exceptional energy growth last year were unlikely to continue into 2005.