Market observers are puzzling over the contradictory factors of a weakening economy causing less demand for oil while global oil prices are hovering near $110 bbl, the International Energy Agency explained in its Monthly Oil Market report for September issued Sept. 13.

IEA points out that not everyone is paying $110 bbl and that heavily discounted crude in the U.S. Midwest are allowing refiners to enjoy bumper margins, “unlike their brethren in Europe and elsewhere.”

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Downgrades in global and developed countries’ Gross Domestic Product projections for this year and in 2012 prompted the International Energy Agency to cut its outlook for global oil demand for both years, explains the Paris-based energy watchdog in its Monthly Oil Market report for September released on Sept. 13.

“Our own GDP assumptions for 2011 and 2012 are this month scaled-back nearer to 4% annual growth, with the bulk of the downgrade focused on the [Organization for Economic Cooperation and Development] countries. Oil demand growth is trimmed as a result, now averaging 1.0 mb/d this year and 1.4 mb/d next,” said IEA.