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IEA Cuts Demand Forecast, Non-OPEC Supply Growth on Recession

Bloomberg - Mar 13, 2009

The International Energy Agency cut its 2009 oil demand forecast for a seventh month as the global slump saps consumption. Non-OPEC supply growth has stopped as investment drops and faults close fields, it said.

The Paris-based adviser to 28 nations reduced its 2009 oil demand forecast by 270,000 barrels a day to 84.4 million barrels a day. That represents a decline in demand of 1.25 million barrels a day, or 1.5 percent, from 2008.

“The demand collapse has been staggering, based on the whirlwind nature of the slump in the global economy,” the IEA said in its monthly oil report today. “The obvious flip-side to this is that lower prices also lead to a supply response.”

Read Full Article from Bloomberg

- Posted: 2009-03-13 07:58:35


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