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Latest Headlines
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Nov 13, 2008 1:35:00 AM MST
Energy agency cuts global oil demand forecasts (International-Energy-)
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PARIS _ The International Energy Agency made new cuts Thursday to its global oil demand forecasts for this year and next as rich-world economies sink into recession and growth slows in the developing countries.
The Paris-based agency now expects global oil demand to average 86.2 million barrels a day this year, nearly flat compared to 2007, and 86.5 million barrels a day next year. The cuts come on top of those already made in the IEA´s October and September reports.
The IEA said its forecast cuts, of 330,000 barrels a day this year and 670,000 barrels a day next year, take into account the International Monetary Fund´s recently lowered forecast of 2.1 percent economic growth globally next year.
Oil demand in developed nations belonging to the 30-country Organization for Economic Cooperation and Development is forecast to fall by 2.7 per cent this year and by 1.6 per cent in 2009, in the IEA´s latest view.
Demand for oil in developing countries will continue to rise, but slower than previously forecast, the IEA said. "So far, however, non-OECD demand growth is still seen offsetting the severe OECD demand contraction," the IEA said.
Oil prices slid to near $55 a barrel in trading Thursday in Asia as more bad economic news from the U.S. heightened fears of a severe global downturn that will pulverize demand for crude.
The crude futures contract overnight had fallen $3.50 to settle at $56.16, the lowest closing price since January 2007, after the U.S. Energy Department said Wednesday it expects U.S. consumption of petroleum to more severely next year than any time since 1980.
The department´s Energy Information Administration said 2009 petroleum consumption is projected to sink by 250,000 barrels per day, or 1.3 per cent, more than twice that projected in its previous outlook.
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