Global oil demand growth will likely be reduced just as worldwide production is expected to increase.

Speaking at the Oil and Gas Investor and A&D Watch's A&D Strategies and Opportunities Conference in Dallas today, Bank of America Merrill Lynch vice chairman Tom Petrie said the company has revised its global oil demand growth outlook down to 1.5 million barrels of oil per day.

Most of this reduction is due to OECD nations, whose oil demand is only expected to grow by 20,000 barrels per day in 2010 and 50,000 barrels ...