Energy agency again downgrades 2009 global oil demand

By DPA,

Paris : Worse-than-expected prospects for the world economy has prompted the International Energy Agency (IEA) to again revise downward global oil demand for 2009.


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In its Monthly Oil Report, issued Friday in Paris, the IEA said that “after a flurry of downward adjustments by both public and private forecasters”, oil demand for 2009 has been revised down by 1 million barrels per day, to 83.4 million barrels per day.

This is a drop of 2.8 percent compared to 2008, the IEA said.

Global GDP is now expected to contract by 1.4 percent in 2009, with the 30 members of the Organisation for Economic Cooperation and Development (OECD) especially hard-hit.

“OECD countries are set to face an unusually severe recession, with overall GDP contracting by 3.9 percent,” the IEA said. “Consequently, oil demand (for the OECD) is now forecast at 45.2 million barrels per day.”

That is about 760,000 barrels per day lower than the previous IEA estimate and a drop of 4.2 percent over last year, the IEA said.

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