Saturday, April 11, 2009

IEA downgrades 2009 global oil demand... again

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 per cent compared to 2008, the IEA said.

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

Click here to access this article in its entirety from Rigzone -- Deutsche Presse-Agentur (dpa).