IEA cuts oil demand forecasts, sees 2008-2009 contraction

IEA cuts oil demand forecasts, sees 2008-2009 contraction
Comment E-mail Print Share
First Published: Fri, Jan 16 2009. 02 37 PM IST
Updated: Fri, Jan 16 2009. 02 37 PM IST
By AFP
Paris: The International Energy Agency on Friday cut its oil demand forecasts due to a much sharper-than-expected economic slowdown, with the market facing its first two-year contraction since 1982 and 1983.
The IEA said it wanted to anticipate sharp downward revisions to global economic growth forecasts and so had halved its own estimate to just 1.2% “given the worsening outlook.”
Accordingly, it cut its projection for 2009 oil demand by one million barrels per day (bpd) to 85.3 million bpd, representing a fall of 0.6% from revised 2008 figures.
For 2008, the IEA put global oil demand at 85.8 million bpd, down 0.3%, adding that “the expected two-year contraction in oil demand would be the first since 1982 and 1983.”
Comment E-mail Print Share
First Published: Fri, Jan 16 2009. 02 37 PM IST
More Topics: IEA | Energy | Oil | Demand | Slowdown |